This news release is issued in respect of the restrictive measures directed against North Korea.
The European Union (North Korea Sanctions) (Amendment) Regulations 2018 came into operation on 11 July 2018. These Regulations amend the European Union (North Korea Sanctions) Regulations 2017 (“the Regulations”) to take account of the amendment of financial sanctions which have effect in the Island.
The extended measures include strengthening of the export ban to North Korea of all refined petroleum products and ban on imports from North Korea of food and agricultural products, machinery, electrical equipment, earth and stone, and wood. There is also a ban on exports to North Korea of all industrial machinery, transportation vehicles, and expansion to all iron, steel and other metals and further maritime restrictive measures against vessels where there are reasonable grounds to believe that the vessel has been involved in the breach of UN sanctions.
The Regulations establish offences and penalties for breaches of the financial sanctions.
Further details of the sanctions regime related to North Korea and links to the Consolidated List of individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.