Published On: Mon, Aug 7th, 2017

New sanctions on North Korea: Annual export revenues will shrink by a third

The Security Council resolution was adopted following last month's ballistic missile tests. Its total export revenues currently stand at $ 3 billion


The United Nations Security Council has unanimously agreed to impose new sanctions on North Korea, which could cut the country’s annual export revenues, which now stand at $3 billion, by a third of the country’s annual ballistic missile tests. The 15 Security Council members, including China and Russia, voted in favor of the new sanctions.

The sanctions, initiated by the United States, prohibit the export of coal, iron, iron ore, lead and seafood from North Korea. It is also prohibit countries to increase the number of foreign workers they import from North Korea. No launch of joint ventures or new investments in existing ventures with North Korea. At the same time, 9 people and 4 companies have been added to the UN blacklist, including the freezing of assets of North Korea’s central bank.

“We should not delude ourselves that we have solved the problem, we are not even close, the threat from North Korea has not left us, it is only becoming more dangerous,” said US Ambassador to the United Nations Nicky Hailey. “Further action is needed, and the United States is taking and will continue to take equal precautions to protect ourselves and our allies,” she said.

“The UN resolution is the largest economic sanctions package ever imposed on North Korea, with over $ 1 billion in costs to the country,” US President Donald Trump said on Twitter.



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