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Financial Sanctions: Democratic People’s Republic of Korea (North Korea)

Friday, 5 June 2020

This news release is issued in respect of the restrictive measures directed against the Democratic People's Republic of Korea.

Council Regulation (EU) 2017/1509 has been amended following the publication in the Official Journal of the European Union of Council Implementing Regulation (EU) No 2020/730 (“the Amending Regulation”).

The Amending Regulation amended Annex XIII to Council Regulation (EU) 2017/1509 with effect from 3 June 2020. This reflects the decision made on 11 May 2020  by the United Nations Security Council Committee to amend the identifying information of one existing entry.


Deleted information is in square brackets. Additional information is in italics. 


Yuk Tung Energy Pte Ltd 

Address: [17-22, UOB Plaza 2, Raffles Place, Singapore 048624, Singapore]. 80 Raffles Place, #17-22 UOB Plaza, Singapore, 048624, Singapore 

Other Information: UN Ref KPe.075. Ship manager and commercial manager of the YUK TUNG, which conducted ship-to-ship transfer of refined petroleum product. EU Annex XIII. 

Listed on: 03/04/2018 Last Updated: [10/04/2018] 04/06/2020 Group ID: 13646 

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated entity.  If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must also report their findings to the FIU. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individual and entity they are not required to report these details again.

Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

Further details of the sanctions regime related to the Democratic Republic of Korea and links to the UK’s Consolidated List of individuals and entities subject to these and other financial sanctions may be found on the Customs and Excise pages of the Isle of Man Government website.

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