07 August 2017

News Story: U.N. Security Council unanimously adopts new sanctions on N. Korea

NEW YORK, Aug. 5 (Yonhap) -- The U.N. Security Council unanimously adopted new sanctions on North Korea Saturday, depriving the communist regime of key sources of export revenue as punishment for its recent intercontinental ballistic missile tests.

The sanctions provided in Resolution 2371 aim to slash North Korea's annual export revenue of US$3 billion by a third. They include a ban on all exports of coal, iron, iron ore, lead, lead ore and seafood.

The U.S.-drafted resolution also calls for capping the number of North Korean workers overseas and restricts new joint ventures with North Korea and additional investment in current ventures.

Moreover, it subjects nine North Korean individuals and four entities to asset freezes and travel bans.

But restrictions on supplies of oil to North Korea were excluded, apparently due to China and Russia's concerns they could deepen the humanitarian crisis in the cash-strapped nation.

U.S. Ambassador to the U.N. Nikki Haley said the new sanctions increased the penalty for North Korea's ballistic missile activity to a whole new level.

"This resolution is the single largest economic sanctions package ever leveled against the North Korean regime," she said. "This is the most stringent set of sanctions on any country in a generation."

Read the full story at YonhapNews

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