Latest move will make it harder than ever for the restive state to fund its nuclear weapons programme, but how much does Kim Jong-un actually care?
The latest United Nations sanctions on North Korea are expected to choke its economy still further, but with Washington and Pyongyang showing no signs of stepping back from their face off, observers have warned that the world is running out of options to resolve the crisis.
The United Nations Security Council on Friday voted unanimously to support the sanctions, spearheaded by the United States, which will see North Korea’s imports of refined petroleum products cut by almost 90 per cent from January.
The self-proclaimed nuclear power – after its most powerful intercontinental ballistic missile launch in late November – is also banned from exporting food products, machinery, electrical equipment, stone and wood as the UN seeks to cut external funding for its weapons and nuclear programmes.
UN Security Council unanimously approves tough new sanctions on North Korea
Despite the overwhelming show of support for the sanctions, China and Russia agreed to approve them only after the US softened its position on some details. Washington had called for all oil supplies to the country to be cut off and wanted the right to use force to intercept North Korean ships on the high seas that were suspected of violating the UN sanctions.
Russia also objected to the initial time frame for repatriating North Korean labourers – a major cash cow for Pyongyang – but agreed after it was extended to two years.
News agency Yonhap quoted South Korea’s foreign ministry as saying that the latest sanctions would cut North Korea’s foreign currency revenue from exports by about US$250 million a year.
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According to the latest figures from the General Administration of Customs, China’s trade with North Korea in November rose 12.5 per cent from October to US$388 million, but remained far below the US$613.
