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United Nations new sanctions ban North Korea's exports

United Nations new sanctions ban North Korea's exports”

The United Nations Security Council on Saturday unanimously adopted a US -drafted resolution that aims to slash by a third the Democratic People's Republic of Korea's 3 billion USA dollars annual export revenue over Pyongyang's two intercontinental ballistic missile (ICBM) tests in July.

The US-drafted resolution includes the strongest sanctions ever imposed in response to a North Korean ballistic missile test and targets its main exports, slashing their annual revenue by $1 billion. North Korea's irresponsible and careless acts have just proved to be quite costly to the regime.

The situation on the Korean Peninsula remains extemely tense on the background of an active development of the North Korean missile program.

The two sides also exchanged opinions on the Korean Peninsula nuclear issue and the South China Sea issue, among others.

"This will not only benefit our two countries, but also show the world the bright future of more positive, more predictable and more sustainable relations between our two countries", Wang said at a meeting with U.S. Secretary of State Rex Tillerson. "The US is taking - and will continue to take - prudent defensive measures to protect ourselves and our allies". We want only security and prosperity for all nations - including North Korea.

"Owing to China's traditional economic ties with North Korea, it will mainly be China paying the price for implementing the resolution", the statement cited Wang as saying.

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The restrictions are said to affect the exports of coal, iron, iron ore, lead, lead ore and seafood as well as workforce - prohibiting countries from increasing existing numbers of DPRK workers employed outside the country.

The measures would be the seventh set of United Nations sanctions imposed on DPRK since it first carried out a nuclear test in 2006. It banned new joint ventures or cooperative entities with North Korean entities or individuals as well as additional investments in existing joint ventures.

The council also decided that "all member states shall not increase the total number of work authorizations for such persons in their jurisdictions, unless approved by the Security Council Committee established pursuant to resolution 1718 issued on 2006".

Given what has happened in the previous talks involving the DPRK, the Republic of Korea, the United States, Japan, China and Russian Federation, it would be naive to expect the talks once restarted to achieve anything substantial in a short period of time.

The other is to call for the resumption of the six-party talks, stressing the peaceful settlement of the Korean Peninsula nuclear issue by diplomatic and political means, in order to avoid escalation of the tension on the peninsula.

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