The government imposed unilateral sanctions on a Hong Kong-based shipping company and its operators for aiding North Korea in transporting goods subject to international sanctions. 
 
According to Seoul's foreign ministry on Thursday, sanctions were imposed on Hong Kong-based Xiangrui Shipping, its operators Sun Zhengzhe and Sun Feng, the firm's vessel Sunrise One, and its Russia-registered consignor, LLC Consul DV.

Last June, Seoul detained the vessel while it passed through South Korean territorial waters after receiving intelligence from a friendly nation about its involvement in North Korea’s violation of UN Security Council(UNSC) resolutions. 

A joint investigation by the foreign ministry, Coast Guard, Korea Customs Service, and National Intelligence Service found that the vessel had transported five-thousand-20 tons of iron ore from North Korea’s Chongjin Port between June 14 and 17 last year. 

The iron ore was consigned by LLC Consul DV, and the vessel was bound for Jiangsu Province in China.

The supply, sale or transfer of North Korean iron ore, coal or iron is banned under UNSC Resolution 2371 as part of international sanctions over the regime’s nuclear weapons and missile programs. 

The sanctioned entities must obtain approval from the Financial Services Commission or the Bank of Korea governor before conducting any financial or foreign currency transactions with South Korean banks and financial institutions.
 
The sanctioned vessel must also receive prior approval before entering any South Korean port.