UNSC unanimously adopts N Korea sanctions

  👤  3422 readers have read this article !
By 2017-09-13

The UN Security Council on Monday unanimously adopted a US-drafted resolution imposing new sanctions on North Korea following its sixth and largest nuclear test.

With backing from China and Russia, the council voted 15-0 to slap a ban on textile exports and restrict shipments of oil products to North Korea.

But Washington toned down its initial proposals in order to secure......backing from China and Russia. The new resolution ends natural gas shipments to North Korea, caps crude oil shipments at their current levels, and puts a ceiling on refined oil products such as petrol and diesel.

North Korea has little oil of its own, relying on imports to keep its citizens and soldiers moving.
The US initially sought an oil embargo, which China – North Korea's sole ally and main trading partner – strongly opposed. Instead the resolution limits crude oil shipments from any country to the amount sent to the North in the last 12 months. Beijing does not publish statistics for crude oil shipments to the North, shrouding the issue in secrecy, but is believed to supply around 4 million barrels a year.

The resolution bans the import and export of textiles – both fabric and clothing – by the North.
Textiles are one of North Korea's major exports, estimated by Rajiv Biswas of IHS Markit to value $750 million.
Analysts say the move could cut off a major source of foreign currency for Pyongyang. China supplies materials to the North, where they are made into clothing in factories using cheap labour, and re-exported to China.
Most go to China and Russia, so the effects will depend on enforcement by Beijing and Moscow, said Koo.
"It all depends on China and Russia's willingness."

A UN report published at the weekend said Pyongyang collected at least $270 million over a six month-period this year by exporting "almost all of the commodities prohibited" by existing sanctions. (AFP)



Read More


Read More


Read More


Read More