MNA International Desk: The UN Security Council on Saturday unanimously backed a US-drafted resolution that significantly strengthened sanctions on North Korea, imposing a ban on exports aimed at depriving Pyongyang of $1 billion in annual revenue.
The sweeping measures were the first of that scope to be imposed on North Korea since US President Donald Trump took office and highlighted China’s willingness to punish its Pyongyang ally.
The resolution imposed a full ban on exports of coal, iron and iron ore, lead and lead ore as well as fish and seafood by the cash-starved state—stripping North Korea of a third of its export earnings estimated at $3 billion per year.
The resolution also prevents North Korea from increasing the number of workers it sends abroad whose earnings are another source of revenue for Kim’s regime.
It prohibits all new joint ventures with North Korea, bans new investment in the current joint companies and adds nine North Korean officials and four entities including North Korea’s main foreign exchange bank to the UN sanctions blacklist.
If fully implemented, the measures would tighten the economic vise around Pyongyang as it seeks to develop its missile and nuclear programs, reported news agency.