South Korea, Japan welcome United Nations sanctions on North

UN Security Council Set To Vote On New Sanctions Against North Korea

The resolution imposes a ban on condensates and natural gas liquids, a cap of 2 million barrels a year on refined petroleum products, and a cap on crude oil exports to North Korea at current levels. And there's also a ban on new work permits for North Korean workers.

With more sanctions likely and usage of cryptocurrencies broadening, experts say North Korea's embrace of digital cash will increase.

Bitcoin and other forms of virtual money - known as cryptocurrencies - appeal to North Korea as the US pursues global sanctions aimed at further isolating the country, according to a new report from FireEye.

Haley noted that the council was meeting on the 16th anniversary of the 9/11 terrorist attack.

MCEVERS: Does that mean the U.S.is the outlier here? "We are done trying to prod the regime to do the right thing" and instead are taking steps to prevent it "from doing the wrong thing".

Kim Hyun-Wook of Seoul's Korea National Diplomatic Academy, predicted: "The sanctions will only provide North Korea with an excuse for further provocations, such as an ICBM launch".

"The North Korean regime has not yet passed the point of no return", she added.

North Korea has made rapid progress in its nuclear and missile programs despite multiple sets of United Nations sanctions, and Go Myong-Hyun at the Asan Institute of Policy Studies said the latest measures were "not enough to cause pain". If it proves it can live in peace, the world will live in peace with it. ...

"We need to use every ounce of leverage.to put maximum pressure on this rogue regime", he said at a committee hearing on ways to pressure North Korea. A tougher initial USA draft was weakened to win the support of Pyongyang ally China and Russian Federation. President Trump so far has said this is not the time to talk, but his administration has been sending a lot of mixed signals, confusing signals about this. What does this resolution do, and does it have the teeth that the Trump administration wanted it to have?

South Korea, Japan welcome United Nations sanctions on North

China supplies most of North Korea's crude.

The textile ban is significant. The hackers have also been tied by other security firms to last year's attack on Samsung Electronics Co.'s corporate messenger app and, most prominently, the breach of Sony Corp.'s film studio, which the Federal Bureau of Investigation blamed on North Korea. North Korean textile exports in 2016 totaled $752.5 million, accounting for about one-fourth of its total $3 billion in merchandise exports, according to South Korean government figures. "This ban will eventually starve the regime of an additional $500 million or more in annual revenues", Haley said. And then you can see that others have watered it down, not the U.S. The resolution adopted Monday adds only one person to the sanctions list - Pak Yong Sik, a member of the Workers' Party of Korea Central Military Commission, which controls the country's military and helps direct its military industries.

Lee also reiterated that Seoul is not considering bringing USA nuclear weapons back into the country.

"The DPRK (the Democratic People's Republic of Korea) is ready and willing to use any form of ultimate means" and the US would pay a heavy price if new sanctions proposed by Washington are adopted, North Korea's foreign ministry said, using the country's official name.

"That's a problem between us and the United States", Kim said. It has voted unanimously on a new sanctions resolution.

China's Foreign Ministry has said that it would support new United Nations measures as long as it promotes a political resolution. On 4 July, North Korea claimed it carried out its first successful test of an intercontinental ballistic missile (ICBM).

Liu again urged the council to adopt the freeze-for-freeze proposal and said talks with North Korea are needed "sooner rather than later". Trump has vowed not to allow North Korea to develop a nuclear missile capable of hitting the mainland United States.

"North Korea has set its sights on the so-called next generation financial markets, including virtual currencies, pin-tech and blockchains", he told journalists last week.

Related:

Comments


Other news