OFAC prohibits U.S. ties to North Korean-flagged vessels
The U.S. Treasury Department’s Office of Foreign Assets Control will amend its regulations, effective May 8, to prohibit U.S. citizens from owning, leasing, operating or insuring any vessel flagged by North Korea.
The United States has maintained economic sanctions against North Korea since 1950. Those sanctions have been modified over the years and eased slightly to encourage North Korea to refrain from testing long-range missiles.