South Korea slaps sanctions on Hong Kong shipping firm
South Korea has imposed independent sanctions on a Hong Kong shipping company and a North Korean cargo ship for engaging in an illegal transfer of North Korean coal in violation of U.N. Security Council (UNSC) resolutions, Seoul's foreign ministry said Thursday, according to Yonhap.
The government sanctioned Hong Kong-based HK Yilin Shipping Co., the owner of the stateless vessel DE YI, and Tok Song, a North Korean cargo ship engaged in ship-to-ship coal transfer, the ministry said. The move will be effective from Friday.
South Korean authorities seized DE YI in waters off Yeosu, along the southern coast, in March while it was heading to Vladivostok, Russia.
The government has concluded that the 3,000-ton cargo ship was carrying around 4,500 tons of North Korean coal after transshipment from Tok Song in waters off the North's western port city of Nampo, the ministry said.
Authorities believe that before DE YI received the North Korean coal, it transferred electronic equipment and other machinery to another North Korean vessel in waters near North Korea. The electronic equipment is prohibited for transfer to North Korea under UNSC resolutions.
DE YI is currently anchored at a port in Gangwon Province and is undergoing additional investigation. Once the investigation is complete, measures will be taken according to relevant laws and precedents.
North Korea is banned from exporting coal, iron ore, and other mineral resources under Resolution 2371, passed in August 2017. U.N. sanctions call for a country to capture and investigate a vessel suspected of engaging in prohibited activities with North Korea.
Resolution 2397 adopted in December 2017 bans U.N. member countries from supplying, selling and transferring new or used vessels to North Korea. Tok Song is a used vessel that was brought into North Korea in March.
Financial and foreign exchange transactions with the sanctioned entities and individuals will require prior approval.
