New UNSC sanctions cuts 30 % oil supply to North Korea

RSTV Bureau
NORTH KOREA : This image made from video of a news bulletin aired by North Korea's KRT on Tuesday, July 4, 2017, shows what was said to be North Korea leader Kim Jung Un, center, applauding after the launch of a Hwasong-14 intercontinental ballistic missile, ICBM, in North Korea's northwest. Independent journalists were not given access to cover the event depicted in this photo. North Korea claimed to have tested its first intercontinental ballistic missile in a launch Tuesday, a potential game-changing development in its push to militarily challenge Washington — but a declaration that conflicts with earlier South Korean and U.S. assessments that it had an intermediate range. AP/PTI

File Photo of North Korean leader Kim Jung-un. This image made from video of a news bulletin aired by North Korea’s KRT on Tuesday, July 4, 2017, shows what was said to be North Korea leader Kim Jung Un, center, applauding after the launch of a Hwasong-14 intercontinental ballistic missile, ICBM, in North Korea’s northwest. Independent journalists were not given access to cover the event depicted in this photo. North Korea claimed to have tested its first intercontinental ballistic missile in a launch Tuesday, a potential game-changing development in its push to militarily challenge Washington ‚Äî but a declaration that conflicts with earlier South Korean and U.S. assessments that it had an intermediate range. AP/PTI

The United Nations Security Council has unanimously passed a US-drafted resolution that imposes strongest sanctions ever on North Korea. The sanctions include measures that target North Korea’s remaining major exports and reduces supply of oil by about 30 percent.

“Today, we are saying the world will never accept a nuclear-armed North Korea. And today, the Security Council is saying that if the North Korean regime does not halt its nuclear program, we will act to stop it ourselves,” the US Ambassador to the UN, Nikki Haley, said as the 15-member UN body passed resolution 2375 on North Korea.

“We are done trying to prod the regime to do the right thing. We are now acting to stop it from having the ability to continue doing the wrong thing,” she added.

Haley noted that oil was the lifeblood of North Korea’s effort to build and deliver a nuclear weapon and the international community passed a resolution that reduces almost 30 per cent of oil provided to North Korea by cutting off over 55 per cent of its gas, diesel, and heavy fuel oil.

“Further, today’s resolution completely bans natural gas and other oil byproducts that could be used as substitutes for the reduced petroleum. This will cut deep,” she said.

Haley said these were by far the strongest measures ever imposed on North Korea.

File photo of South Carolina Governor Nikki Haley. Photo - facebook/CC BY 2.0

File photo of South Carolina Governor Nikki Haley.
Photo – facebook/CC BY 2.0

When these new stronger sanctions are added to those passed last month, over 90 percent of North Korea’s publicly reported exports are now fully banned.

Moreover, this resolution also puts an end to the regime making money from the 93,000 North Korean citizens it sends overseas to work and heavily taxes, she noted.

The resolution bans all North Korean textile exports.

Textile exports  North Korea’s largest economic sector that the Security Council had not previously restricted earned North Korea an average of USD 760 million in the past three years.

The resolution also requires the end of all joint ventures with North Korea.

This ban will eventually starve the regime of an additional USD 500 million or more in annual revenues, Hailey said.

Beyond the USD 1.3 billion in annual revenues we will cut from North Korea, new maritime authorities will help us stop them from obtaining funds by smuggling coal and other prohibited materials around the world by ship, the top American diplomat added.

(With inputs from PTI)