North Korea

North Korea remains subject to extensive sanctions imposed by the United Nations, United States, European Union and United Kingdom in response to its nuclear weapons and ballistic missile programmes. These measures impose significant restrictions on maritime, commercial and financial activities involving North Korea and remain among the most comprehensive sanctions regimes currently in force. The applicable regimes contain restrictions concerning port access, vessel registration, leasing, chartering, crewing, insurance and ship to ship transfers involving North Korean vessels or interests.

US and other international authorities have issued guidance highlighting the sanctions risks associated with North Korea-related trade and shipping activities. Members are therefore advised to exercise heightened due diligence to ensure they do not become involved, directly or indirectly, in any activity that may breach applicable sanctions.

This summary is intended as a high-level overview only and does not constitute legal advice. Sanctions regimes change frequently and Members should seek up-to-date advice before undertaking any trade that may give rise to sanctions concerns.