Among others, North Korea is looking at a ban on the export of coal, iron, lead and seafood products, which is estimated to have made the country a profit of over $1 billion last year.
The U. N. Security Council (UNSC) agreed to impose tougher sanctions on North Korea on Saturday, designed to put economic pressure on Kim Jong Un’s government as a form of punishment for escalating its nuclear and missile programs and threatening the safety of its neighboring countries.
Among others, North Korea is looking at a ban on the export of coal, iron, lead, and seafood products which are estimated to have made the country a profit of over $1 billion last year. The UNSC had restricted the export of coal which is North Korea’s most exported item to $400 million in November from $1.2 billion that it used to make.
North Korea is also estimated to make $295 million from fish and seafood exports, $251 million from iron, and iron ore exports and $113 million from lead and lead ore exports, ABC News reported.
Foreign companies have been banned from investing in North Korean businesses or issue any more permits to additional permits to North Korean laborers.
This picture taken and released on July 4,2017 by North United Nations Security Council has imposed tougher sanctions on North Korea. In this photo, North Korean leader Kim Jong-Un inspecting the test-fire of intercontinental ballistic missile Hwasong-14 at an undisclosed location. Photo: Getty Images/ STR
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The U. N. has also blacklisted nine additional North Koreans, who are officials or representatives of companies and banks. It has also frozen the assets of two companies and two banks of the country.
