UN Security Council imposes tough sanctions on North Korea

138 Views

Washington:The UN Security Council has unanimously passed a US-drafted resolution that imposes strongest sanctions ever on North Korea, with measures targeting its last remaining major exports and reducing about 30 per cent of oil provided to it.
“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 programme, we will act to stop it ourselves,” the US Ambassador to the UN, Nikki Haley, said as the 15-member UN body passed the 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 said.
Haley said the international community is doing that by hitting North Korea’s ability to fuel and fund its weapons programme.
Noting that oil is the lifeblood of North Korea’s effort to build and deliver a nuclear weapon, Haley said the resolution reduced 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.
“They give us a much better chance to halt the regime’s ability to fuel and finance its nuclear and missile programmes. But we all know these steps only work if all nations implement them completely and aggressively,” she said.
When these new stronger sanctions are added to those passed last month, over 90 per cent of North Korea’s publicly reported exports are now fully banned.
Moreover, this resolution also put an end to the regime making money from the 93,000 North Korean citizens it sent overseas to work and heavily taxed, she noted.
This ban would eventually starve the regime of an additional USD 500 million or more in annual revenues, she added.
Beyond the USD 1.3 billion in annual revenues they would cut from North Korea, new maritime authorities would help them stop them from obtaining funds by smuggling coal and other prohibited materials around the world by ship, the top American diplomat said.
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 requires the end of all joint ventures with North Korea.
This will not only starve the regime of any revenues generated through such arrangements, it will now stop all future foreign investments and technology transfers to help North Korea’s nascent and weak commercial industries, a US fact sheet said.

 

SHARE

COMMENTS