Bloomberg Politics: UN Approves New North Korea Sanctions, Stopping Short of Oil Embargo

September 12, 2017

“The United Nations Security Council approved new sanctions aimed at punishing North Korea for its latest missile and nuclear tests after the U.S. dropped demands such as an oil embargo to win support from Russia and China.

The 15-member council passed the resolution unanimously Monday following a week of talks that began when Kim Jong Un’s regime tested its most powerful nuclear bomb. The resolution seeks to cut imports of refined petroleum products to 2 million barrels a year, ban textile exports and strengthen inspections of ships that are believed to be carrying cargo in breach of sanctions.

“We are acting in response to a dangerous new development,” U.S. envoy Nikki Haley told the Security Council after the vote. “These are the strongest measures ever imposed on North Korea,” she said, adding that the U.S. remains willing to act alone to stop Kim’s nuclear program if necessary.

North Korea has yet to respond to the sanctions. South Korea said Tuesday that the isolated state remained technically prepared to perform a nuclear test. Prime Minister Lee Nak-yon told parliament that while dialogue is ultimately the only solution, it’s not time to talk with North Korea…”

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In summary, the new sanctions do SIX things:

  1. Cap North Korea’s oil imports

  2. Ban textile exports

  3. Suppress smuggling efforts

  4. Sanction designated North Korean government entities

  5. End additional overseas laborer contracts

  6. Stop joint ventures with other nations

 

At this time, North Korea has not responded. In past days, they warned there would be severe consequences if these new sanctions came to fruition.

Article above by Bloomberg Politics