March 08, 2016 10:36
Seoul will announce a list of separate sanctions against North Korea on Tuesday afternoon that include financial curbs on 70 North Korean individuals and agencies.
The targets of the sanctions are suspected of involvement in developing weapons of mass destruction and lining leader Kim Jong-un's coffers. Any ships that have docked in North Korean ports will be banned from South Korean ports for the following six months.
The UN Security Council last week also tightened sanctions against the renegade country. Targets of the South Korean sanctions include key officials who are in charge of conducting nuclear tests, managing Kim's coffers and hard-currency earners. The UN Security Council separately blacklists 28 North Korean individuals and agencies.
Seoul's targets do not include the Workers Party Secretariat, which manages the regime's foreign reserves, and its chief Kim Yo-jong, leader Kim Jong-un's younger sister.
The sanctions are largely symbolic as the individuals or organizations do not own any property in South Korea and do no business with South Korean banks.
Only the ban on any ships that have visited North Korean ports is likely to have practical consequences. Seoul will also step up checks on flag-of-convenience ships that are registered in third countries but owned by North Korea.
The sanctions spell the end of the Rajin-Khasan project, a trilateral logistics project between the two Koreas and Russia. A government official here said their focus is to plug loopholes in the 2010 sanctions imposed after the North sank the Navy corvette Cheonan.
The 2010 sanctions ended all cross-border trade except the joint Kaesong Industrial Complex, which has now also been closed. But the North found a roundabout way to export agricultural and fisheries products to South Korea, disguising them as Chinese-made.
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