Economy

Putin warns of 'global catastrophe' over North Korea impasse

Putin warns of 'global catastrophe' over North Korea impasseā€

President Moon Jae-in and U.S. President Donald Trump spoke on the phone again Monday to discuss their response to North Korea's latest nuclear test.

Putin's comments, following an worldwide summit in China, came after the United States called for the "strongest possible measures" against North Korea for detonating what it called a hydrogen bomb on Sunday.

"The worldwide community must unite in applying the greatest possible pressure on North Korea", Abe said just four days after Pyongyang staged its sixth and most powerful nuclear test to date, which it described as a "perfect success". "It could lead to a global, planetary catastrophe and a huge loss of human life". Putin called for dialogue on the crisis and warned against other actions that could cause the situation to escalate. (But) ramping up military hysteria will lead to nothing good.

It has said it makes no sense to impose additional sanctions that would starve the North Korean economy into submission.

Meanwhile, South Korea - the nearest nation to Pyongyang - sensing an impending war, has begun conducting a live-fire training exercise in a show of force, simulating an attack on a nuclear site in North after Pyongyang's hydrogen bomb test.

"These North Korean missile tests are emblematic of the ongoing security dilemma where there are hostile parties taking steps to deter the other", John Delury of Yonsei University told CNN, "and each improvement on one side's deterrent capability is a provocation to the other side".

Ambassador Nikki Haley said Monday at a meeting of the UN Security Council that Kim was "begging for war" after testing what he claimed was a hydrogen bomb.

However, sanctions have so far done little to stop North Korea boosting its nuclear and missile capacity as it faces off with Trump.

"Now it is inevitable to cut off oil supplies to the North, we hope Russian Federation will cooperate as well", Moon was quoted as telling Putin by presidential spokesman Yoon Young-Chan, Yonhap news agency reported.

Last week, Pyongyang fired a ballistic missile that flew over the Japanese island of Hokkaido.

They targeted key exports such as coal that are a source of foreign currency for the regime.

Reports suggest another missile test is being readied.

Diplomats have said the U.N. Security Council could now consider banning North Korean textile exports and its national airline, stop supplies of oil to the government and military, prevent NorthKoreans from working overseas and add top officials to a blacklist to subject them to an asset freeze and travel ban.

"China will never allow chaos and war on the (Korean) peninsula", he asserted.

It appears that North Korea - which has been isolated by the world - feels increasingly threatened by joint military drills from the US, Japan and South Korea, spurring it to hasten its nuclear programme development in an attempt for Kim to safeguard his regime.

Haley rejected the proposal as "insulting". No one would do that. It remains to be seen whether China, the North's biggest ally and trade partner, would cooperate.

Trump has vowed to stop all USA trade with any country doing business with North Korea, and Treasury Secretary Steven Mnuchin is said to be working on details of such a plan, which would primarily target Pyongyang's neighbor and main trading partner, China.

THAAD is an acronym for Terminal High Altitude Area Defence, a US-designed anti-ballistic missile defence system.

The North says it needs nuclear weapons to defend itself, and analysts say it is seeking to strengthen its hand for any future negotiations with Washington.



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