S. Korea to impose financial sanctions on DPRK officials, organizations
South Korea said Monday that it will join the United Nation's decision to impose financial sanctions on officials and organizations of the Democratic People's Republic of Korea (DPRK), Xinhua reported.
According to the Ministry of Strategy and Finance, the South Korean government will place restrictions on the financial activities of five officials and five organizations of the DPRK related to its nuclear test in May.
The current move is part of South Korea's efforts to fulfill its obligations as a member of the United Nations, the ministry said.
The move came after the U.N. Security Council informed South Korea of its decision to impose a travel ban and asset freeze on those officials and organizations, which will take effect from Wednesday, the ministry added.
The five officials on the list are Ri Je-son, director of the General Bureau of Atomic Energy, Yun Ho-ji, director of Namchongang Trading Corp., Ri Hong-sop, former head of the Yongbyon Nuclear Research Center, Hwang Sok-hwa, a senior official of the General Bureau of Atomic Energy, and Han Yu-ro, director of Korea Ryongakan General Trading Corp.
The companies and organizations under the restriction are the General Bureau of Atomic Energy, Hong Kong Electronics, Namchongang Trading Corp., Korea Kyoksin Trading Corp. and Korean Tangun Trading Corp.
The current restriction marks the second sanction South Korea placed on the DPRK, following the Seoul government's financial transaction ban and asset freeze on three DPRK companies two months ago.
After the DPRK's long-range rocket launch on April 5 and its second nuclear test on May 25, the UNSC has been publicly condemning the nation, saying it will soon impose financial sanctions on it.