European foreign ministers are to impose new sanctions on North Korea’s illegal nuclear and ballistic missile programmes.

Sanctions will be imposed to cut-off income streams funding the Asian country’s nuclear and ballistic missile programme.

Europe will stop exporting oil to North Korea and impose a ban on EU investment to all sectors.

More names will be added to the list of regime officials and companies that are subject to asset freezes and travel bans.

UK Foreign Secretary Boris Johnson said: “North Korea continues to pose an unacceptable threat to the international community, which is why the UK, working closely with our European allies, has secured a set of stringent new sanctions upon the regime.

“As I have said before, the North Korean regime must bear full responsibility for the measures that the international community is enacting against it, including these sanctions.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
“Maximising diplomatic and economic pressure on North Korea is the most effective way to pressure Pyongyang to halt its illegal and aggressive actions.”

“Maximising diplomatic and economic pressure on North Korea is the most effective way to pressure Pyongyang to halt its illegal and aggressive actions.”

The foreign ministers also plan to toughen restrictions on North Korean workers in the EU.

They will also review the current list of banned luxury goods, and lower the amount of personal payments that can be sent to North Korea from €15,000 to €5,000.

The UK has also instructed its diplomatic missions to lobby for urgent and comprehensive enforcement of UN sanctions against North Korea by those countries where the regime is most likely to try to evade sanctions, the UK Foreign & Commonwealth Office stated.