Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

EU imposes oil embargo on North Korea in symbolic gesture

Published 10/16/2017, 10:57 AM
Updated 10/16/2017, 11:00 AM
© Reuters.  EU imposes oil embargo on North Korea in symbolic gesture

LUXEMBOURG (Reuters) - The European Union banned the sale of oil and oil products to North Korea on Monday, in a largely symbolic move aimed at encouraging countries that have more significant levels of trade with the country to follow suit.

EU foreign ministers also imposed a blanket ban on doing business with North Korea in sanctions that go beyond the latest U.N. measures. The EU does not sell oil to Pyongyang.

Following North Korea's most powerful nuclear test, the U.N. Security Council capped North Korean imports of crude oil, but China and Russia resisted an outright ban.

EU ministers cited "the persistent threat to international peace and stability" posed by Pyongyang.

As part of the measures, North Korean workers in the EU - estimated to be about 400, mainly in Poland - now face a lower limit on the amount for money they can send home and their work visas will not be renewed once they expire.

The sanctions add three more top North Korean officials and six businesses to a blacklist banning them from travel to the EU and freezing their assets.

That will take the total of those sanctioned by the EU to 41 individuals and 10 companies, a senior EU official said. U.N. sanctions target 63 people and 53 companies and institutions.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.