United Nations sanctions to hit NKorea hard

  • United Nations sanctions to hit NKorea hard

United Nations sanctions to hit NKorea hard

The UN Security Council voted unanimously to ban North Korea's profitable textile exports and cap fuel supplies to Kim Jong-un's regime.

The resolution does ban North Korea from importing all natural gas liquids and condensates, and caps Pyongyang's imports of crude oil at the level of the last 12 months.

It bars countries from issuing new work permits to North Korean labourers sent overseas - there are some 93,000, providing Kim's regime with a source of revenue to develop its missile and nuclear programmes, according to a USA official familiar with the negotiations.

Prior to the approval, Trump and the US treasury secretary threatened to impose unilateral sanctions against any country that trades with North Korea if the Security Council was unable to come to an agreement.

The previous Security Council resolution was adopted on August 5, in response to two intercontinental ballistic missile (ICBM) tests in July.

"North Korea needs to realize that a reckless challenge against global peace will only bring about even stronger worldwide sanctions against it", the Blue House said.

She said that these sanctions are by far the "strictest" sanctions to be imposed on North Korea but they can only achieve what they set out to do if all countries follow these sanctions aggressively.

"The difference here is we have wide-ranging United Nations sanctions that go beyond what we had on Iran", he said.

He also opposed the deployment of the Terminal High Altitude Area Defence (THADD) anti-missile system by the US in South Korea asserting that it undermined the security of China and other countries in the region.

Some Russian companies, however, continue to conduct trade with North Korea. Textiles are North Korea's second-largest exports worth more than 700 million dollar a year.

"It's called negotiation. That's what we do here at the security council".

Russia, which also shares a border with North Korea, is similarly unenthusiastic about the idea of losing another buffer state, and having U.S. troops creep closer to its eastern flank.

NORTH KOREAN HACKERS may be stealing bitcoin and other virtual currencies in a bid to evade sanctions and obtain hard currencies to fund the regime. The US has rejected proposals from both countries that it stop joint military exercises with South Korea in exchange for a halt to North Korea's nuclear and missile tests.

Chinese President Xi Jinping had invited Trump to visit China during their meeting in April in Palm Beach, Florida.

The AP explains a recent 111-page United Nations report that concluded "the DPRK is deliberately using indirect channels to export prohibited commodities, evading sanctions", exporting at least $270 million worth of goods to China via conduits in southeast Asia and elsewhere.

"It could be meaningful in that the resolution includes restrictions on oil supplies (to the North), though it still falls short of our expectations", said Cho Bong-hyun, a senior analyst at IBK Economic Research Institute.

It was the eighth series of sanctions imposed on North Korea since it first tested a nuclear device in 2006. It is likely the new sanctions will pass.

North Korea says its weapons development is vital to stave off the threat of a United States invasion. "But I'm not sure that they will really have much effect on the nuclear weapons and missile programs, given the priority that those initiatives must have for the DPRK leadership".

Wages at textiles factories grew tenfold around 2010 when North Korea was experimenting with economic reforms, according to Green, so people suddenly went from earning 30 North Korean won to 300 won.