North Korean iron ore shipments spark sanctions

sanctions

The government of South Korea has imposed sanctions on a non-flagged vessel the country seized for illegally transporting iron ore produced in North Korea.

Sanctions were also imposed on two Chinese nationals, Sun Zhengzhe and Sun Feng, who operated the ship and Russian company LLC Consul DV, which was the cosignee of the cargo. The unilateral sanctions will take effect within a week.

The vessel, Sunrise 1, currently under detention in South Korean territorial waters, has been ordered to leave the country. It has been detained by authorities for over nine months.

The ship is a stateless vessel operated by Hong Kong-based Xiangrui Shipping. Its name was changed from Gain Star in May last year, about a month before picking up 5,020 tonnes of ore from North Korea’s Chongjin Port. Name changes are a frequent tactic to evade sanctions.

A joint press release by the South Korean Foreign Ministry, the Ministry of Economy and Finance, the Financial Services Commission, and the Ministry of Oceans and Fisheries stated that an investigation found that the vessel was implicated in violating UN Security Council Resolution 2371, which prohibits the transfer of North Korean iron ore.

The South Korean government stated that the sanctions were used as a deterrent for committing similar illicit actions and as a way to disrupt North Korea’s “illicit financing and procurement networks”.

Source: Splash247.com

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About Stu Turley 4813 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.