EU curbs against North Korea in trade, financial services, investment and transport

Brussels: The European Union (EU) here on Friday adopted additional restrictive measures against North Korea on trade, financial services, investment and transport.

According to a press release issued by the Council of the EU, these measures complement and reinforce the sanctions regime imposed by United Nations Security Council (UNSC) resolutions, Xinhua news agency reported.

In the trade sector, additional measures include prohibition of the import of petroleum products and luxury goods from the country, prohibition of the supply, sale or transfer to the country of additional items, materials, equipment relating to dual-use goods and technology and ban on any public financial support for trade with the country.

In the financial sector, the new measures are prohibition of transfers of funds to and from the Democratic People's Republic of Korea (DPRK), unless for certain predefined purposes and authorised in advance.

In terms of investment, it includes prohibition of all investment by the country in the EU; prohibition of investment by EU nationals or entities in the mining, refining and chemical industries sectors as well as in any entities engaged in the country's "illegal" programs.

EU restrictive measures against the DPRK were introduced on Dec. 22, 2006. According to the EU side, the existing EU measures implement all UNSC resolutions adopted after the DPRK's nuclear tests and launches using ballistic missile technology.