The United Nations Security Council on Saturday unanimously adopted a US-drafted resolution that aims to slash by a third North Korea’s $3 billion annual export revenue over Pyongyang’s two intercontinental ballistic missile (ICBM) tests in July.
The resolution would ban Pyongyang’s exports of coal, iron, iron ore, lead, lead ore and seafood. It would also prohibit countries from increasing the current numbers of North Korea’s labourers working abroad, ban new joint ventures with Pyongyang and any new investment in current joint ventures.
Resolution 2371 (2017), adopted unanimously by the Security Council on Saturday, strengthens UN sanctions on the Pyongyang in response to its two intercontinental ballistic missile (ICBM) tests conducted on July 3 and July 28, respectively.
As such, this resolution “sends a clear message” to Pyongyang that the Security Council is united in condemning its violations and demanding the country give up its prohibited nuclear and ballistic missile programmes.
Resolution 2371 (2017) includes the strongest sanctions ever imposed in response to a ballistic missile test. These measures target Pyongyang’s principal exports, imposing a total ban on all exports of coal (North Korea’s largest source of external revenue), iron, iron ore, lead, lead ore and seafood.
Banning these exports will prevent Pyongyang from earning over $1 billion per year of hard currency that would be redirected to its illicit programs, according to the resolution.
North Korea earns approximately $3 billion per year from its exports. Additional sanctions target North Korea’s arms smuggling, joint ventures with foreign companies, banks, and other sources of revenue.
A resolution needs nine votes in favour, and no vetoes by the US, China, Russia, France or Britain, to be adopted.
The measures would be the seventh set of UN sanctions imposed on North Korea since it first carried out a nuclear test in 2006.