Industry News

U.N. Imposes New Sanctions on North Korea

March 3, 2016


The U.N. Security Council unanimously passed a resolution which imposed additional sanctions upon North Korea. This measure, which includes trade and travel restrictions, was in response to Korea’s alleged nuclear weapon and ballistic missile tests.

Certain industries are subject to increased trade restrictions under the new sanctions. U.N. member nations are prohibited from purchasing gold, titanium, and various rare earth metals. Importation of coal and iron ore is restricted to amounts needed for essential, non-military functions.

Secretary of State, John Kerry, praised the sanctions, stating that they will “hold the regime to account” for its actions.

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