South Korea sanctions HK firm for illegal transfer of North Korea coal

South Korea has sanctioned a Hong Kong shipping company, HK Yilin Shipping Co., and a North Korean vessel over allegations of the illegal transfer of North Korean coal in violation of U.N. Security Council resolutions, its foreign ministry said.

A vessel owned by Yilin Shipping took coal from a North Korean vessel, Tok Song, in March off North Korea's coast in a ship-to-ship transfer in violation of two Security Council resolutions imposed over Pyongyang's illegal weapons programs, the ministry said in a statement on Thursday.

The unilateral sanction by South Korea requires any entity planning to engage in financial transactions with Yilin Shipping to obtain authorization from South Korea's financial watchdog and its central bank, the ministry said.

Yilin could not immediately be reached for comment.

North Korea is subject to a series of U.N. resolutions adopted starting in 2006 over its ballistic missile and nuclear weapons programs but their enforcement was weakened after the withdrawal of a panel of experts earlier this year tasked with overseeing their compliance by U.N. member states.

Russia, which has elevated its ties with North Korea since their leaders' summit last year, vetoed a Security Council resolution aimed at extending the panel's mandate. 

Reuters