The European Union (EU) on Monday imposed new sanctions on North Korea after the country flagrantly disregarded several United Nations Security Council resolutions concerning its development of nuclear and ballistic missiles program.
The sanctions agreed by EU foreign ministers earlier today include a total ban on EU investment in North Korea, and a ban on the sale of refined petroleum products and crude oil.
The EU slashed from 15,000 to 5,000 euros ($17,700 to 5,900) the amount of money people can send to North Korea, as it believes these “personal remittances” are used to back Pyongyang’s arms programs.
The ministers also decided not to renew work permits for North Koreans working on their blocs or territories, apart from refugees and others in need of international protection.
Under the new measures, three individuals and six entities associated with the North Korean regime were added to a blacklist banning them from travel to the EU and freezing their assets.
A total of 41 individuals and 10 entities are now blacklisted by the EU on top of the 63 individuals and 53 entities that are targeted by the UN.
All measures will take immediate effect.
Reuters and AFP quoted the EU as saying today that the new steps were taken in view of the “persistent threat to international peace and stability” posed by Kim Jong Un’s regime.
EU foreign policy chief Federica Mogherini admitted that the lack of economic ties between North Korea and the EU means that “the impact of our sanctions is limited.”
“But there are others that do have relations with [North Korea] that can have a major impact on the regime there,” she said.