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North Korea Can No Longer Export Textile, Import Crude Oil As UN Passes New Sanctions

North Korea Can No Longer Export Textile, Import Crude Oil As UN Passes New Sanctions

North Korea Can No Longer Export Textile, Import Crude Oil As UN Passes New Sanctions

The United Nations Security Council on Monday unanimously adopted a US-drafted resolution imposing new sanctions on North Korea following its sixth and largest nuclear test.

The new sanctions against North Korea, include a ban on the country’s textile exports and a cap on imports of crude oil.

It is understood that with backing from China and Russia, the council voted 15-0 yesterday to slam a ban on textile exports and restrict shipments of oil products to North Korea.

The fresh sanctions came as punishment to North Korea after it launched its sixth and most powerful nuclear test on Sept. 3.

Foreign Affairs Minister Julie Bishop welcomed the unanimous resolution by the United Nations saying “This is the toughest sanctions package yet.”

News.com quoted her as outlining how the tough new measures would bite North Korea while speaking at a meeting of Coalition MPs in Canberra today.

“The new additional sanctions target very important parts of the North Korean economy,” she said.
“There will be a complete ban on the export of all North Korean textiles – that’s worth about $950 million a year to the regime.
“The amount of oil that North Korea can import will be reduced by a third.
“There will also be a prohibition on the importation of natural gas.
“All joint ventures with North Korean individuals and entities are banned.
“No North Korean worker will be permitted to work overseas once their current contracts are completed.
“And no new work visas will be issued.
“Again, this will deny the regime of hundreds of millions of dollars that it has been channelling from remittances to fund its illegal programs.”

Ms Bishop and US Secretary of State Rex Tillerson agreed ever-increasing economic pressure on North Korea was an essential pillar of the collective international strategy to compel the regime to return to the negotiating table and to abandon its illegal missile and nuclear programs.

“If the international community remains united and resolute, we can deter North Korea from its course,” she said.

Textiles are North Korea’s second-biggest export after coal and other minerals in 2016, totaling $752 million, according to data from the Korea Trade-Investment Promotion Agency. Nearly 80 percent of the textile exports went to China.

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. China supplies most of North Korea’s crude.

It’s the ninth sanctions resolution unanimously adopted by the 15-member council since 2006 over North Korea’s ballistic missile and nuclear programs.

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