Council Decision (CFSP) 2017/1504
of 24 August 2017
amending Decision (CFSP) 2016/849 concerning restrictive measures against the Democratic People's Republic of Korea
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on European Union, and in particular Article 29 thereof,
Having regard to the proposal from the High Representative of the Union for Foreign Affairs and Security Policy,
Whereas:
On 5 August 2017, the UNSC adopted Resolution 2371 (2017) providing for new measures against the DPRK including the designation of persons and entities, including the Foreign Trade Bank and the Korean National Insurance Company (‘KNIC’), as subject to an asset freeze.
Paragraph 26 of UNSCR 2371 (2017) provides a specific exemption from the provisions of an asset freeze for financial transactions with the Foreign Trade Bank or KNIC in certain circumstances.
The entry for KNIC should be removed from Annex II to Decision (CFSP) 2016/849 as it is now designated under Annex I.
Further action by the Union is needed in order to implement the measures provided for in this Decision.
Decision (CFSP) 2016/849 should therefore be amended accordingly,
HAS ADOPTED THIS DECISION: