UN Sanction to Slash North Korea's Coal Exports to China by $700 Million

By | Nov 29, 2016 05:39 AM EST
UN Sanctions Slash North Korea's Coal Exports to China by $700 Million

UN officials are hopeful that with impending tougher financial sanctions, North Korea would be hard pressed to fund its nuclear program.(Photo : Getty Images)

High-ranking US diplomats on Monday said new and tougher sanctions against North Korea are being prepared in a resolution that would be put to a vote by the United Nations Security Council on Wednesday.

The resolution, which includes slashing the North's coal exports to China by up to 60 percent, comes in response to Pyongyang's latest nuclear test in September, the fifth largest test conducted by the country so far.

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The diplomats, who spoke on the condition of anonymity, said the resolution was negotiated between the US and China for months. It aims to cut North Korea's earnings from its coal exports to Beijing by roughly $700 million.

Money flow

More than 60 percent of the North Korea's coal exports to China would be slashed in a bid to cut money flow to its nuclear weapons program, the diplomat said.

Through the imposition of financial sanctions in the resolution, North's leader Kim Jong-un would have a hard time getting his hands on hard currency to strengthen Pyongyang's nuclear program.

"We do not claim that this resolution is going to cause North Korea to abandon its nuclear weapons program but this resolution would make it significantly more difficult," the diplomat emphasized.

Draft text

While the draft text said that the Security Council condemns the latest North Korea nuclear test on September 9, it pointed out that the sanctions are not meant to harm the ordinary citizens of the North.

US President Obama has reportedly told incoming President Donald Trump that the North Korea threat remains the top national security priority of the US.

Obama urged China to strictly enforce international sanctions and implement new embargoes against North Korea during his meeting with President Xi Jinping on the sidelines of the 24th Asia-Pacific Economic Cooperation (APEC) summit held in Lima, Peru last week.

Obama made the request to President Xi after the two sides agreed that Washington and Beijing would immediately act on future North Korean provocations including ballistic missile and nuclear tests.

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