UNSC imposes tough sanctions on North Korea

The adoption of the USA -led sanctions served as an occasion for North Korea to "verify that the road it chose to go down was absolutely right and to strengthen its resolve to follow this road at a faster pace without the slightest diversion until this fight to the finish is over", showed a statement carried by the Korean Central News Agency (KCNA).

On Monday the UN Security Council unanimously voted to boost sanctions on North Korea, with its profitable textile exports now banned and fuel supplies capped, prompting a traditionally defiant threat of retaliation against the United States. And the new measure dilutes the original language that would have banned the import of North Korean laborers altogether, saying that countries should not provide work authorization papers unless necessary for humanitarian assistance or denuclearization.

The measures were approved unanimously Monday.

The U.S. has circulated a draft resolution that would, aside from barring crude oil shipments to North Korea, ban the nation's exports of textiles and prohibit employment of its guest workers by other countries, according to a diplomat at the world body.

That could be a significant restriction.

The draft resolution would limit deliveries of refined oil products to 500,000 barrels for three months from October 1 and two million barrels from January 1 for a period of 12 months.

The U.S.is in a race against time, with North Korea having carried out a string of missile launches in recent weeks and its biggest ever nuclear test.

He said that the regime's advances in missile technology are complicating Japan's ability to intercept them.

"But I'm not sure that they will really have much effect on the nuclear weapons and missile programs, given the priority that those initiatives must have for the DPRK leadership".

North Korea is "ready to use a form of ultimate means", Han said.

"Further, today's resolution completely bans natural gas and other oil byproducts that could be used as substitutes for the reduced petroleum".

Yet, "The Democratic People's Republic of Korea is flouting sanctions through trade in prohibited goods, with evasion techniques that are increasing in scale, scope and sophistication", a United Nations report of a panel of experts from February this year concluded.

That was the result of opposition from China and Russian Federation, which are wary of putting too much economic pressure on North Korea.

Rajiv Biswas, Asia Pacific chief economist for IHS Markit, also said he expects that Pyongyang can weather the import reduction.

China, which accounts for about 90 per cent of North Korea's official trade and is its major oil supplier, has long opposed taking excessively strict measures against the country, out of fear of triggering a refugee crisis on the border.

One metric ton is roughly equal to roughly seven barrels of crude oil.

According to the ministry, during the discussion of the draft resolution Russian Federation and China managed to adjust the US-initiated tough text seeking to worsen North Korea's economic situation and fraught with catastrophic humanitarian impacts on North Korea's population. The latest sanctions, however, are not imposing a full oil embargo as the United States called for in recent weeks.

North Korea may not have proved petroleum reserves, but it's estimated that the secluded belligerent nation sits on reserves of more than 200 minerals-including rare earth minerals-worth an estimated up to $10 trillion.

North Korea does not release statistics on the number of people involved in the textiles industry but experts estimate at least 100,000 people are employed at North Korean textiles factories, producing goods both for export and the domestic market.

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