15ANo claim for breach of contract or failure to perform transaction

15A No claim for breach of contract or failure to perform transaction

(1) This regulation applies to: (a) the government of the Democratic People’s Republic of Korea; and (b) the following persons and entities: (i) a person who is resident or national of the Democratic People’s Republic of Korea; (ii) a person or entity subject to the jurisdiction of the Democratic People’s Republic of Korea; (iii) a designated person or entity; (iv) a person or entity able to claim through, or for the benefit of, the government of the Democratic People’s Republic of Korea or a person or entity mentioned in subparagraph (i), (ii) or (iii). (2) The government of the Democratic People’s Republic of Korea, or the person or entity, must not make a claim or demand, or take any action, against any other person or entity for breach of contract or a failure to perform a transaction if the performance of the contract or transaction was prevented: (a) under these Regulations; or (b) because of resolutions relating to the Democratic People’s Republic of Korea, as existing from time to time.

Note: Resolutions relating to the Democratic People’s Republic of Korea could in 2016 be viewed on the United Nations’ website (http://www.un.org).

(3) This regulation has effect despite any other law of the Commonwealth or any law of a State or Territory.