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UN imposes sanctions on three North Korean firms

Last Updated: Thursday, May 3, 2012 - 12:12

Washington: The United Nations Security Council has imposed sanctions on three significant North Korean state-owned companies over the country’s failed rocket launch last month.

The council’s sanctions committee named the three blacklisted companies as Green Pine Conglomerate, Amroggang Development Banking Corporation and Korea Heungjin Trading Company.

The UN has decided to freeze the assets of the firms and ban them from global trade, the BBC reports.

In addition, the sanctions committee approved extra items and technology that would be prohibited for transfer to or from North Korea, updating its lists dealing with Pyongyang`s missiles and nuclear related material.

According to the report, US envoy to the UN Susan Rice hailed the decision, saying it ‘constitutes a serious and credible response to North Korea`s provocation’.

“These measures will increase North Korea`s isolation and make it harder for Pyongyang to move forward with its illicit programmes,” Rice said.


First Published: Thursday, May 3, 2012 - 12:12

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