1. It shall be prohibited to transfer funds to and from the DPRK.
2. It shall be prohibited for credit and financial institutions to enter into, or continue to participate in, any transactions with:
(a)
credit and financial institutions domiciled in the DPRK;
(b)
branches or subsidiaries falling within the scope of Article 1 of credit and financial institutions domiciled in the DPRK;
(c)
branches or subsidiaries falling outside the scope of Article 1 of credit and financial institutions domiciled in the DPRK;
(d)
credit and financial institutions that are not domiciled in the DPRK, that fall within the scope of Article 1 and that are controlled by persons, entities or bodies domiciled in the DPRK;
(e)
credit and financial institutions that are not domiciled in DPRK or do not fall within the scope of Article 1, but are controlled by persons, entities or bodies domiciled in the DPRK.
3. The prohibitions in paragraphs 1 and 2 shall not apply to any transfer of funds or transaction which is necessary for the official purposes of a diplomatic or consular mission of a Member State in the DPRK or an international organisation enjoying immunities in DPRK in accordance with international law.
4. The prohibitions in paragraphs 1 and 2 shall not apply to any of the following transactions, provided that they involve a transfer of funds for amounts equal to or below EUR 15 000 or equivalent:
(a)
transactions regarding foodstuffs, healthcare or medical equipment or for agricultural or humanitarian purposes;
(b)
transactions regarding personal remittances;
(c)
transactions regarding the execution of the exemptions provided for in this Regulation;
(d)
transactions in connection with a specific trade contract not prohibited by this Regulation;
(e)
transactions required exclusively for the implementation of projects funded by the Union or its Member States for development purposes directly addressing the needs of the civilian population or the promotion of denuclearisation; and
(f)
transactions regarding a diplomatic or consular mission or an international organisation enjoying immunities in accordance with international law, insofar as such transactions are intended to be used for official purposes of the diplomatic or consular mission or international organisation.