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NORTH KOREAQ: What are the regulations on transactions involving North Korean vessels?A: No U.S. person may own, lease, operate, or insure any vessel flagged by North Korea, nor can a U.S. person register vessels in North Korea or otherwise obtain authorization for a vessel to fly the North Korean flag. Q: Do these restrictions apply to foreign subsidiaries of U.S. companies? A: No, the definition of "U.S. person" under this provision excludes foreign subsidiaries of U.S. companies. Q: Are there any restrictions on exporting to North Korea? A: No, as of June 2000, any exports or reexports to North Korea that are licensed or otherwise authorized by the Department of Commerce or other appropriate agencies are permitted. Q: What is the origin of these sanctions? A: These sanctions were placed on North Korea in 1950 under the Trading With the Enemy Act, and any property that was blocked pursuant to those regulations that was still blocked in 2000 remains blocked today. Q: Have these sanctions changed recently? A: Yes, on Thursday, June 26, 2008, President Bush declared that North Korea was no longer a state sponsor of terrorism, which led to the removal of the prohibition on U.S. persons importing goods and services from North Korea without OFAC’s approval. |