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13 Setiembre 2017, 03:53 | Martinez Canez
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The UN Security Council [official website] reached a unanimous decision on Monday to adopt a US-drafted resolution [press release] imposing a series of fresh new sanctions on North Korea.
It also bans joint ventures with North Korean entities, except for nonprofit public utility infrastructure projects, and prohibits countries from bringing in new North Korean workers.
The resolution limits deliveries of refined oil products to 5,00,000 barrels for three months from 1 October and to two million barrels from 1 January for a period of 12 months.
Russian President Vladimir Putin recently expressed doubt over whether sanctions are an effective means of getting the North to stop its missile and nuclear testing, and China, harboring similar concerns, has repeatedly hesitated in the past to fully support United States sanction plans. He said South Korea respects the consensus reached by the worldwide community.
"The North Korean regime bears full responsibility for the measures that the UN Security Council has enacted today".
The US and Japan have led the way on so-called "secondary sanctions" that target third-country businesses that surreptitiously deal with North Korea in breach of the United Nations rules, including Chinese banks and companies.
Celebrations were held in Pyongyang on Saturday to mark the success of the test and the 69th anniversary of the founding of North Korea where Kim Jong-Un said the nuclear test was a "great victory won by the Korean people at the cost of their blood", Efe reported.
The textile export ban alone would cost North Korea about $726 million a year, the US said.
North Korea is already under multiple United Nations sanctions but has still made rapid progress in its nuclear and missile programmes.
Bannon's departure came after he said in a media interview that he believes there is no military solution to the problem of North Korea and that he would consider a deal with China to remove American troops from the Korean Peninsula in exchange for China freezing North Korea's nuclear program.
Though the resolution was backed unanimously, the final document was a watered-down version of the original U.S. proposal following pressure from China and Russian Federation.
President Trump gets it: He said the sanctions are only a very small step compared to what "will have to happen".
The resolution is created to accomplish six major goals: cap North Korea's oil imports, ban textile exports, end additional overseas laborer contracts, suppress smuggling efforts, stop joint ventures with other nations and sanction designated North Korean government entities, according to a USA official familiar with negotiations.
Koo Kab-Woo of the University of North Korean Studies in Seoul said the measures carried symbolic value as the "first USA attempt at touching North Korea's economic lifeline".
Washington has led the global drive to punish the rogue state after it detonated a nuclear device earlier this month.
Blocking textile exports and cutting off the flow of oil from China would potentially be crippling measures. "The North Korean regime has not yet passed the point of no-return".
"We should go after banks and companies in other countries that do business with North Korea the same way", he said. Trump celebrated the resolution as "the single largest economic sanctions package ever on North Korea".
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