On Thursday, April 10th, 2025, South Korea announced independent sanctions against a specific freight ship, its Hong Kong-based operator, and three associated entities. This action was taken due to the ship’s involvement in the internationally prohibited transport of North Korean iron ore during the previous year (2024), reports Korea JoongAng Daily.
Sanctions Imposed
South Korea has imposed fresh sanctions on four entities for their alleged involvement in the illegal shipment of North Korean iron ore, violating United Nations Security Council Resolution 2371. This resolution prohibits the supply, sale, or transfer of North Korean iron ore, coal, and iron as part of international sanctions aimed at curbing North Korea’s nuclear weapons and missile development.
The newly imposed sanctions require these entities to obtain prior authorization from South Korea’s Financial Services Commission or the governor of the Bank of Korea before engaging in any financial or foreign currency transactions with South Korean banks and financial institutions. Additionally, the sanctioned vessel, Sunrise 1, will need prior approval before entering any South Korean port.
The findings of a joint government investigation, involving South Korea’s Foreign Ministry, Coast Guard, customs authorities, and national intelligence agency, revealed that the Sunrise 1 entered North Korea’s Chongjin port, located on the upper eastern coast, between June 14 and 17 of the previous year and loaded 5,020 tons of iron ore. The investigation identified LLC Consul DV as the intended recipient of this cargo.
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Source: Korea JoongAng Daily
