South Korea Sanctions Hong Kong Shipping Firm Over Illegal North Korean Coal Transfers

South Korea has imposed sanctions on Hong Kong shipping company HK Yilin Shipping Co. and a North Korean vessel for illegal coal transfers. This action violates U.N. Security Council resolutions intended to curb North Korea's weapons programs. The sanctions require financial transactions with the company to be authorized by South Korea's financial authorities.

South Korea has imposed sanctions on HK Yilin Shipping Co., a Hong Kong-based shipping company, and a North Korean vessel over allegations of illegal coal transfers, contravening U.N. Security Council resolutions. This move aims to reinforce measures against North Korea's controversial weapons programs, the foreign ministry announced.

The ministry revealed that in March, a vessel owned by Yilin Shipping transferred coal from a North Korean vessel, Tok Song, in a ship-to-ship transfer off North Korea's coast, violating two Security Council resolutions. The unilateral sanctions by South Korea now mandate that any financial transactions with Yilin Shipping require authorization from both South Korea's financial regulator and central bank.

Attempts to reach Yilin Shipping for comment were unsuccessful. North Korea has been under various U.N. resolutions since 2006 due to its ballistic missile and nuclear weapons activities. Enforcement of these sanctions suffered a setback with the withdrawal of a U.N. panel of experts earlier this year. Russia, which strengthened its relationship with North Korea post the leaders' summit last year, vetoed a Security Council resolution to extend the panel's mandate.

(With inputs from agencies.)