United Nations bans key North Korea exports over missile tests

UNANIMOUSLY ACTION Resolution passed at UNSC blacklists 9 individuals and 4 entities including North Korea’s primary foreign exchange bank

The United Nations Security Council unanimously imposed new sanctions on North Korea that could slash by a third the Asian state’s $3 billion annual export revenue over Pyongyang’s two intercontinental ballistic missile tests in July.

The US-drafted resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood. It also prohibits countries from increasing the current numbers of North Korean labourers working abroad, bans new joint ventures with North Korea and any new investment in current joint ventures.

“We should not fool ourselves into thinking we have solved the problem. Not even close. The North Korean threat has not left us, it is rapidly growing more dangerous,” US ambassador to the United Nations Nikki Haley told the council.

“Further action is required. The United States is taking and will continue to take prudent defensive measures to protect ourselves and our allies,” she said, adding that Washington would continue annual joint military exercises with South Korea.

North Korea has accused the United States and South Korea of escalating tensions by conducting military drills.

China’s UN ambassador Liu Jieyi urged North Korea to “cease taking actions that might further escalate tensions.”

US President Donald Trump hailed the vote in a tweet on Saturday evening. “The United Nations Security Council just voted 15-0 to sanction North Korea. China and Russia voted with us. Very big financial impact!” Trump wrote.

Russia’s UN ambassador Vassily Nebenzia said he hoped recent remarks by US Secretary of State Rex Tillerson “were sincere - that the US is not seeking to dismantle the existing situation or to forcibly unite the peninsula or to militarily intervene in the country.”

While the Security Council has been divided on how to deal with other international crises like Syria, the 15-member body has remained relatively united on North Korea. Still, negotiating new measures typically takes months, not weeks.

North Korea has been under UN sanctions since 2006 over its ballistic missile and nuclear programs. The new measures came in response to five nuclear weapons tests and four longrange missile launches.