U. N. sanctions on North Korea target over $ 1B worth of exports

The United Nations Security Council on Saturday imposed sharply increased economic sanctions on North Korea worth about one- third of its annual $ 3 billion in exports in an effort to rein in Pyongyang’s nuclear and ballistic missile program.

China, which holds enormous financial leverage against North Korea, joined the other members of the council in the 15- 0 vote.

President Trump touted the new sanctions Saturday night on twitter: “China and Russia voted with us. Very big financial impact!”

Nikki Haley, ambassador to the U. N. for the United States, which drafted the resolution, said the vote “put the North Korean dictator on notice” and represented a “strong, united step holding North Korea accountable for its behavior.”

The sanctions, which target North Korea’s foreign currency earnings, ban its exports of coal, coal ore, iron, iron ore, lead, lead ore and seafood. They also prohibit countries from increasing the number of North Koreans working abroad and ban new joint ventures with the North, as well as any new investment in current joint ventures.

“It’s going to hit hard, but it’s going to make a strong point,” Haley said before entering the chamber to vote.

Last month, North Korea tested two ballistic missiles capable of reaching the United States. Lt. Gen. H. R. McMaster, President Trump’s national security adviser, said Saturday on MSNBC that a military option was still under consideration for dealing with North Korea, but the United States and its allies wanted first to exhaust all other options to resolve the standoff peacefully.