Joint Proposal for a Council Regulation amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People’s Republic of Korea

Council Regulation (EC) No 329/2007 gives effect to measures provided for in Council Decision 2010/800/CFSP concerning restrictive measures against the Democratic People's Republic of Korea (North Korea). On 18 February 2013 the Council adopted Decision 2013/88/CFSP amending Decision 2010/800/CFSP, which provides for additional restrictive measures against North Korea.

These additional measures include an additional criterion for autonomous designation by the Union, prohibitions on supply of additional goods relevant to North Korea's weapons of mass destruction related programmes, prohibitions in relation to gold, precious metals and diamonds, newly printed or minted North Korean banknotes, and public bonds. The measures also include prohibitions on the opening of new branches, subsidiaries, or representative offices of North Korean banks in the territories of Member States, and the establishment of new joint ventures.

Moreover, in accordance with United Nations Security Council (UNSC) Resolution 2087 (2013), no claims in connection with the performance of any contract or transaction affected by measures decided on pursuant to relevant UNSC Resolutions or measures of the Union in accordance with relevant decisions of the UNSC or covered by the present Regulation, are to be granted to designated persons or entities or any other person or entity in North Korea.

In view of Article 215 TFEU, further action by the Union is needed to give effect to these measures. The High Representative for Foreign Affairs and Security Policy and the Commission therefore propose to amend Regulation (EC) No 329/2007 accordingly.

EUR-Lex: JOIN(2013)003: Follow the progress of this proposal through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=JOIN:2013:003:FIN

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