Continuing Certain Restrictions With Respect to 
                North Korea and North Korean Nationals

                By the authority vested in me as President by the 
                Constitution and the laws of the United States of 
                America, including the International Emergency Economic 
                Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the 
                National Emergencies Act (50 U.S.C. 1601 et seq.) 
                (NEA), and section 301 of title 3, United States Code,

                I, GEORGE W. BUSH, President of the United States of 
                America, find that the current existence and risk of 
                the proliferation of weapons-usable fissile material on 
                the Korean Peninsula constitute an unusual and 
                extraordinary threat to the national security and 
                foreign policy of the United States, and I hereby 
                declare a national emergency to deal with that threat. 
                I further find that, as we deal with that threat 
                through multilateral diplomacy, it is necessary to 
                continue certain restrictions with respect to North 
                Korea that would otherwise be lifted pursuant to a 
                forthcoming proclamation that will terminate the 
                exercise of authorities under the Trading With the 
                Enemy Act (50 U.S.C. App. 1 et seq.) (TWEA) with 
                respect to North Korea.

                Accordingly, I hereby order:

                Section 1. Except to the extent provided in statutes or 
                in regulations, orders, directives, or licenses that 
                may be issued pursuant to this order, and 
                notwithstanding any contract entered into or any 
                license or permit granted prior to the date of this 
                order, the following are blocked and may not be 
                transferred, paid, exported, withdrawn, or otherwise 
                dealt in:

all property and interests in property of North Korea or a North Korean 
national that, pursuant to the President's authorities under the TWEA, the 
exercise of which has been continued in accordance with section 101(b) of 
Public Law 95-223 (91 Stat. 1625; 50 U.S.C. App. 5(b) note), were blocked 
as of June 16, 2000, and remained blocked immediately prior to the date of 
this order.

                Sec. 2. Except to the extent provided in statutes or in 
                regulations, orders, directives, or licenses that may 
                be issued pursuant to this order, and notwithstanding 
                any contract entered into or any license or permit 
                granted prior to the date of this order, 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.

                Sec. 3. (a) Any transaction by a United States person 
                or within the United States that evades or avoids, has 
                the purpose of evading or avoiding, or attempts to 
                violate any of the prohibitions set forth in this order 
                is prohibited.

                (b) Any conspiracy formed to violate any of the 
                prohibitions set forth in this order is prohibited.

                Sec. 4. For the purposes of this order:

                (a) the term ``person' means an individual or entity;

                (b) the term ``entity' means a partnership, 
                association, trust, joint venture, corporation, group, 
                subgroup, or other organization; and

                (c) the term ``United States person' means any United 
                States citizen, permanent resident alien, entity 
                organized under the laws of the United States or any 
                jurisdiction within the United States (including 
                foreign branches), or any person in the United States.

[[Page 36788]]

                Sec. 5. The Secretary of the Treasury, after 
                consultation with the Secretary of State, is hereby 
                authorized to take such actions, including the 
                promulgation of rules and regulations, and to employ 
                all powers granted to the President by IEEPA as may be 
                necessary to carry out the purposes of this order. The 
                Secretary of the Treasury may redelegate any of these 
                functions to other officers and agencies of the United 
                States Government consistent with applicable law. All 
                agencies of the United States Government are hereby 
                directed to take all appropriate measures within their 
                authority to carry out the provisions of this order.

                Sec. 6. The Secretary of the Treasury, after 
                consultation with the Secretary of State, is hereby 
                authorized to submit the recurring and final reports to 
                the Congress on the national emergency declared in this 
                order, consistent with section 401(c) of the NEA (50 
                U.S.C. 1641(c)) and section 204(c) of IEEPA (50 U.S.C. 
                1703(c)).

                Sec. 7. This order is not intended to, and does not, 
                create any right or benefit, substantive or procedural, 
                enforceable at law or in equity by any party against 
                the United States, its departments, agencies, 
                instrumentalities, or entities, its officers or 
                employees, or any other person.
                
                
                    President, George Bush

                THE WHITE HOUSE,

                    June 26, 2008.