South Korea sanctions DPRK firms

Earlier¬†this year the UN Security Council issued a Presidential Statement¬†in response to the DPRK’s April rocket (missile) test. In the Presidential Statement, three North Korean firms were blacklisted–Korea Mining Development Trading Corporation, Tanchon Commercial Bank, and Korea Ryongbong General Corporation–all of whom are suspected of having ties with the North’s missile and nuclear programs.

According to Yonhap, the South Korean government has also blacklisted these firms, though no South Korean firms have realtions with any of them:

This is the first time that South Korea has imposed financial sanctions on a North Korean company in relation to Pyongyang’s ballistic activity, the ministry said.

The ministry said that it will consider taking additional measures if the U.N. comes up with separate actions against the North for conducting its second nuclear test on May 25.

Read the full sotry here:
Seoul slaps sanctions on N. Korean firms for missile test
Yonhap
Koh Byung-joon
6/9/2009

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2 Responses to “South Korea sanctions DPRK firms”

  1. Gag Halfrunt Says:

    Yonhap says that no South Korean companies do business with the blacklisted enterprises, but Ryongbong General Corporation is said to be the North Korean joint venture partner of Pyeonghwa Motors. If so, I suppose that this is the end for Pyeonghwa’s adventure in the North.

  2. North Korean Economy Watch » Blog Archive » UN, US, ROK, sanction DPRK arms companies–and partners Says:

    […] In June, the South Korean government imposed sanctions on these DPRK companies for the first time [Read more here] […]


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