In the U.S., North Korea has been embargoed for over 50 years and was, along with Cuba, sanctioned under the Trading with the Enemy Act (TWEA). In June, the President of the United States removed Pyongyang’s TWEA designation in response to its move to disclose details of its nuclear program. But, does this really end the sanctions against
North Korea?

In reality, the U.S. is playing a semantics game with North Korea. The TWEA sanctions were largely gutted during the Clinton presidency so taking North Korea off this list doesn’t have the same effect it once did. Additionally, the same day that the U.S. removed the TWEA sanctions, President Bush issued an executive order sanctioning North Korea under the International Emergency Economic Powers Act (IEEPA). All assets frozen prior to June 16, 2000 remain frozen. Additionally, “United States persons may not register a vessel in North Korea, obtain authorization for a vessel to fly the North Korean flag or own, lease, operate or insure any vessel flagged by North Korea.” So, while a handful of named North Korean entities may come off the SDN list, the actual impact of this action by the Bush administration is mostly symbolic. Even though North Korea is no longer officially an “enemy” of the United States, you’d still be well served to be cautious before trading
with it.