Washington's recent warning on 'secondary sanctions risk' to better inform third parties on sanctions violations
- 6 years ago
The United States recently announced it might impose secondary boycotts on parties that trade with the targets of existing sanctions.
There's been speculation the warning was directed specifically at South Korea for its recent exchanges with the North, but Seoul's foreign ministry says that's not the case.
Lee Ji-won reports.
South Korea says the warning about secondary boycotts was meant to boost the public's awareness and knowledge of Washington's sanctions on Pyeongyang.
The U.S. early this month added the phrase "secondary sanctions risk" to 466 organizations and individuals already sanctioned for North Korea-related issues.
These are entities on the Specially Designated Nationals List.
An official at Seoul's foreign ministry told reporters on Monday that the move comes as there are continuous updates to the list, and that not many ordinary people or firms have a thorough understanding or awareness of the risk of secondary sanctions.
In fact, the Trump administration updated its sanctions list 8 times this year alone.
The official said that Washington's sanctions on the North had hinted previously at the risk of secondary sanctions, but that the recent move provides an official basis for imposing those penalties on foreign firms and individuals.
If sanctioned, the entities could be fined and be put on the list of Specially Designated Nationals themselves, which would prevent them from entering the U.S., trading with American firms or individuals and would see their assets in the U.S. frozen.
The South Korean official was clear that the move is not seen as an indirect message to Seoul about its growing exchanges with the North.
No South Korean firm or individual has been placed under Washington's unilateral sanctions so far.
But the official said whether or not an act violates the sanctions is based solely on U.S. judgement,... and thus could be ambiguous.
And to further promote their policies and prevent unintentional violations of the sanctions, the U.S., said the official, is carrying out various "outreach" programs around the world.
This includes a conference call the U.S. Treasury Department held with 7 South Korean banks last month to let them know what they can do to stay within the sanctions boundaries.
The official said this outreach is being done in close cooperation with the South Korean government, and Seoul too has been working with relevant ministries to keep locals updated.
Lee Ji-won, Arirang News.
There's been speculation the warning was directed specifically at South Korea for its recent exchanges with the North, but Seoul's foreign ministry says that's not the case.
Lee Ji-won reports.
South Korea says the warning about secondary boycotts was meant to boost the public's awareness and knowledge of Washington's sanctions on Pyeongyang.
The U.S. early this month added the phrase "secondary sanctions risk" to 466 organizations and individuals already sanctioned for North Korea-related issues.
These are entities on the Specially Designated Nationals List.
An official at Seoul's foreign ministry told reporters on Monday that the move comes as there are continuous updates to the list, and that not many ordinary people or firms have a thorough understanding or awareness of the risk of secondary sanctions.
In fact, the Trump administration updated its sanctions list 8 times this year alone.
The official said that Washington's sanctions on the North had hinted previously at the risk of secondary sanctions, but that the recent move provides an official basis for imposing those penalties on foreign firms and individuals.
If sanctioned, the entities could be fined and be put on the list of Specially Designated Nationals themselves, which would prevent them from entering the U.S., trading with American firms or individuals and would see their assets in the U.S. frozen.
The South Korean official was clear that the move is not seen as an indirect message to Seoul about its growing exchanges with the North.
No South Korean firm or individual has been placed under Washington's unilateral sanctions so far.
But the official said whether or not an act violates the sanctions is based solely on U.S. judgement,... and thus could be ambiguous.
And to further promote their policies and prevent unintentional violations of the sanctions, the U.S., said the official, is carrying out various "outreach" programs around the world.
This includes a conference call the U.S. Treasury Department held with 7 South Korean banks last month to let them know what they can do to stay within the sanctions boundaries.
The official said this outreach is being done in close cooperation with the South Korean government, and Seoul too has been working with relevant ministries to keep locals updated.
Lee Ji-won, Arirang News.