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Financial Sanctions: Democratic People’s Republic of Korea

Friday, 17 May 2024

This news release is issued to publicise the addition of 3 entries under the Democratic People’s Republic of Korea sanctions regime.

The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 ('the Regulations'), which are made under the Sanctions Act 2024. This regime imposes financial, trade, transport and immigration sanctions for the purpose of bringing about the complete and irreversible denuclearisation of the Democratic People’s Republic of Korea (DPRK). 

Individuals and entities who are designated under this regime are included on the UK sanctions list.

Types of sanctions applicable under this regime:

  • asset freeze
  • investment, financial services and financial markets
  • trade
  • immigration
  • aircraft
  • ships

On 17 May 2024 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.

Addition

The following entries have been added to the Consolidated List and are now subject to an asset freeze:

Deleted information appears in [square brackets]. Additional information appears in italics.

Individual

  1. VOROTNIKOV, Aleksey Mikhailovich
    POB: Russia Nationality: Russia Other Information: (UK Sanctions List Ref):DPR0291. (UK Statement of Reasons):ALEKSEY MIKHAILOVICH VOROTNIKOV is an involved person within the meaning of the Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 in that he, as Director of Toplivo Bunkering Company, has assisted the contravention or circumvention of any relevant DPRK-related provisions, specifically UNSCR 2321 (2016) and 2371 (2017), in that he allowed UN designated vessels to bunker in the berth of the Toplivo Bunkering Company at the port of Vostochny. (Gender):Male Listed on: 17/05/2024 UK Sanctions List Date Designated: 17/05/2024 Last Updated: 17/05/2024 Group ID: 16499.

Entities

  1. PAEKYANGSAN SHIPPING CO LTD
    Other Information: (UK Sanctions List Ref):DPR0289. (UK Statement of Reasons):Paekyangsan Shipping Co Ltd is or has been involved in the facilitation of DPRK military programmes by its involvement in transferring petroleum products between Russia and DPRK as owner of the vessel PAEK YANG SAN 1, thereby assisting in the contravention or circumvention of a relevant DPRKrelated provision, namely UNSCR 2397 (2017). Listed on: 17/05/2024 UK Sanctions List Date Designated: 17/05/2024 Last Updated: 17/05/2024 Group ID: 16495.

  2. TOPLIVO BUNKERING COMPANY
    Name (non-Latin script): Топливо-бункерная компания Address: 33A Vnutriportovaya Street, Vrangel neighbourhood, NAKHODKA, Russia, 692941. Other Information: (UK Sanctions List Ref):DPR0290. (UK Statement of Reasons):Toplivo Bunkering Company (TBK) is an involved person under The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 because it has been involved in the facilitation of any of the DPRK’s military programmes. Toplivo Bunkering Company has assisted the contravention or circumvention of any relevant DPRK-related provisions specifically 2321 (2016) and 2371 (2017); by allowing UN designated vessels to bunker in its berth at the port of Vostochny. Listed on: 17/05/2024 UK Sanctions List Date Designated: 17/05/2024 Last Updated: 17/05/2024 Group ID: 16496.

What you must do

If you suspect a person or entity is a match to a person or entity included in the UK Sanctions List, and you hold or otherwise deal with funds or economic resources of that person:

  1. You must freeze the assets immediately

  2. You must review the information you hold for that person against the UK Sanctions List to ensure you do not have a false positive identification

  3. Do not deal with those assets or make them available to, or for the benefit of the designated person unless:

    • You have a legal exemption

    • You have a licence

  4. You must report the frozen assets to the FIU

If you have a suspicion or knowledge that there has been a breach of sanctions law, or any attempted transactions that you have blocked, report your suspicions to the FIU.

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

Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.

Note: determining if a customer is on the UK Sanctions List includes whether any corporate entity is owned or controlled, directly or indirectly, by a person on the UK Sanctions List.

Further guidance on false positives and delistings and what to do can be found in the Financial Sanctions General Guidance page.

Further information

Further details on the UN measures in respect of Democratic People’s Republic of Korea sanctions can be found on the relevant UN Sanctions Committee webpage.

Further information on the sanctions regime related to Democratic People’s Republic of Korea and other sanctions related guidance can be found on the Sanctions and Export Control website on the Sanctions Guidance page.

Contact details for enquiries

If you require any further information or guidance, please contact the Sanctions Team on:

Telephone: +44 1624 648109
Email: sanctions@gov.im

Please note: We are unable to provide legal advice. You may need to seek independent legal advice.

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