Overview
On November 30, 2016, UN Security Council Resolution (UNSCR) 2321 was adopted, pushing the limits on how far international economic sanctions can go in isolating the North Korean regime without entirely collapsing the country’s economy. The resolution also lays out a handful of additional legal restrictions that will be pertinent for US and international stakeholders that may still have direct or indirect connections with North Korea, and closes some of the gaps left by a previous resolution from March 2016, UNSCR 2270, on which we previously advised. Following this resolution, on December 2, 2016, the US Treasury Department’s Office of Foreign Assets Control (OFAC) announced related sanctions designations of additional individuals, entities and aircraft in North Korea. For more information, please see our advisory.
