North Korea-related designations announced by OFAC

The Office of Foreign Assets Control of the US Department of the Treasury has designated two individuals, three entities, and one oceangoing vessel pursuant to Executive Order 13810 for their involvement in ship-to-ship transfers with north Korean transporting petroleum products to North Korea and other products from North Korea to foreign markets.  According to OFAC, such ship-to-ship transfers violate United Nations Security Council Resolutions 2375 and 2397.  The designated entities and individuals are based in Hong Kong and Taiwan, and are reported to have ownership or involvement with the vessel, Panama-flagged Shang Yuan Bao, which, according to OFAC, was directly involved in the transfer of 1.7 million liters of petroleum products to a UN and US-designated North Korean vessel, the Paek Ma

As a result of the designations, all US property of the designated individuals and entities are blocked, and dealings by US persons with such property is generally prohibited.  Also, persons who engage in certain transactions with the designated individuals and entities may be exposed to designation, and foreign financial institutions that knowingly facilitate significant transactions with them could be subject to US correspondent account or payable-through sanctions.

US Dept. of the Treasury press release

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