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On 15 March 2016, US President Barack Obama issued Executive Order 13722 (EO 13722) imposing additional sanctions targeting the Democratic People’s Republic of Korea (North Korea). As a result of these new sanctions, US Persons (defined below) are prohibited from engaging in virtually any transaction with North Korea. The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) supplemented EO 13722 by issuing nine general licenses authorizing certain activities involving North Korea and published frequently asked questions pertaining to EO 13722 and the new general licenses. Finally, pursuant to EO 13722, OFAC designated 2 individuals, 15 entities, and 20 vessels as Specially Designated Nationals.

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