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Wednesday , November 20 2019

Kuwait bans import of gold, rare metals from North Korea

MoCI issues circular to all its sectors

KUWAIT CITY, June 7: The Ministry of Commerce and Industry recently issued a circular to all of its sectors and affiliate authorities on prohibiting the import of gold, rare metals, titanium and vanadium crutches directly or indirectly – whether for persons, ships or aircraft hoisting the Kuwaiti Flag – from North Korea pursuant to Security Council decision number 2270/2016 which imposed sanctions on that country.

The ministry has forbidden any Kuwaiti financial corporation or company or those operating in Kuwait from opening representative offices or bank branches in Korea, indicating the Kuwaiti companies or those working in Kuwait should take the necessary action to close the representative offices, subsidiaries or bank accounts.

According to the circular, Kuwait is not allowed to open or operate branches or subsidiaries or new representative offices of Korean banks. Financial companies and corporations operating in Kuwait are prohibited as well from undertaking joint operations with Korean banks or obtaining property rights in these banks. They must close the existing branches or joint projects, property rights and banking correspondence.

The circular also mentioned that in accordance with instructions from the Foreign Affairs Ministry, the concerned authorities should strictly enforce the decision. The Ministry of Commerce and Industry is expediting measures to implement items of the circular and submit a report to its foreign affairs counterpart about the developments in relation to the implementation of the Security Council’s decision

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