Economy

Korea into corner, sanctions alone will not solve problem - Putin

Korea into corner, sanctions alone will not solve problem - Putin”

Resolving the North Korean nuclear crisis is impossible with sanctions and pressure alone, Russian President Vladimir Putin said Wednesday after meeting his South Korean counterpart, adding that the impact of cutting oil would be worrying.

Moon had his own stark message about the situation on the Korean Peninsula: "If North Korea's provocation doesn't stop here, I think could fall into an uncontrollable situation".

Mr Putin called for dialogue on the crisis and warned against other actions that could cause the situation to escalate.

Asian and European stocks tumbled along with the South Korean won yesterday while the safe-haven yen rallied on news that North Korea had tested what it claimed was a hydrogen bomb, ramping up global tensions.

And Putin stressed the need for a political solution, saying further sanctions and pressure would not solve the problem.

It was spotted moving under cover of darkness to avoid surveillance, the report said. Those missiles, successfully tested twice in July, have the ability to reach the USA mainland, North Korea says.

According to latest available data from the U.N., Russian Federation exported approximately 36,000 tonnes of oil products in 2015 to North Korea, compared to China's yearly export of 500,000 tonnes of crude and 270,000 tonnes of oil products. Kim Jong Un was determined not to suffer the same fate.

"It came from one of the missile factories on the west coast known to produce ICBMs", he said.

Russian President Vladimir Putin says further sanctions and threats against Pyongyang are
Russian President Vladimir Putin says further sanctions and threats against Pyongyang are"useless

The country has also claimed that it now has the capability of mounting a thermonuclear weapon on a long-range missile capable of striking the United States. Putin said that Russian Federation would sue the US over the closure, an action that was confirmed later by the Kremlin.

It comes amid speculation the rogue nation may be planning to fire an ICBM as early as this weekend, when the republic celebrates its foundation on September 9.

"They would rather eat grass than give up their nuclear programme", Putin said at the meeting of BRICS representatives, which gathers leaders from five emerging global economies: Brazil, Russia, India, China and South Africa.

US President Donald Trump has approved in principle the sale of "many billions of dollars' worth of military weapons and equipment" for South Korea, the White House said on Monday.

According to experts, the weapons are nearly impossible to verify if the warhead and missile could be successfully paired unless North Korea were to fire a nuclear-tipped ICBM.

At a Conference on Disarmament in Geneva Wednesday, North Korea's ambassador to the United Nations called Sunday's nuclear test a "gift package" for the U.S. - and warned there would be more.

The ministry said Moscow remained committed to a joint Russian-Chinese proposal that would see Pyongyang halt weapons tests in return for the United States suspending military exercises in the region.

The South fired short-range Hyunmoo missiles into the sea to simulate an attack on the North's main nuclear test site.



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