UK Imposes Sanctions On Russian And North Korean Firms For Illegal Trade Of Arms-for-Oil

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Britain declared sanctions against three firms and an individual over what it refers to as the unlawful “arms-for-oil” trade between North Korea and Russia.

The declaration followed a decision by the US to impose sanctions on two individuals from Russia and three Russian majors for facilitating arms transfers between North Korea and Russia, including ballistic missiles for its use in Ukraine.

The current sanctions highlight the joint efforts of Russia and North Korea’s DPRK to circumvent the UN’s sanctions on petroleum items, which help boost the DPRK’s illegal military programs, the government mentioned in a statement.

The statement added that Britain was acting along with international partners and quoted David Cameron, the Foreign Secretary, as saying that Britain will continue holding Pyongyang and Moscow to account for arms transfers of this nature.

Putin is straining each sinew to sustain his war in Ukraine, including resorting to the illicit arms-for-oil trade agreements with the DPRK, violating the UN sanctions that Russia voted for, and vetoing the UN Monitoring panels that report on their activity.

Britain declared that the new set of sanctions was against Paekyangsan Shipping, known for transferring petroleum items between Russia, North Korea, and Toplivo Bunkering Co. for permitting vessels involved in such transfers to bunker at the Vostochny Port.

It said the decisions involve asset freezes, travel bans, and transport sanctions and target Russia’s cargo services provider TBK Director Aleksey Vorotnikov and Vostochnaya Stevedoring Co.

Vladimir Putin said on Friday that the US sanctions policy was undermining confidence in the dollar.

Reference: Reuters

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About Author

Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.

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