Published: Wed, September 13, 2017
World | By Paul Elliott

Futures relieved by N.Korea sanctions

Futures relieved by N.Korea sanctions

In addition, the Council banned textile imports, including fabrics and partially completed apparel, beginning 90 days from the adoption of the resolution.

"In case the US eventually does rig up the illegal and unlawful "resolution" on harsher sanctions, the DPRK shall make absolutely sure that the USA pays a due price", its state-run Korean Central News Agency said, citing a statement by the Ministry of Foreign Affairs that used its formal country name.

"They will eat grass but they will not turn away from the path that will provide for their security", he said of North Koreans last week.

After the vote, US Ambassador to the United Nations Nikki Haley said that Washington was not looking for war with North Korea, while Pyongyang has "not yet passed the point of no return".

Also the resolution prohibits UN Member States from providing work authorizations for DPRK nationals unless "is required for the delivery of humanitarian assistance, denuclearization or any other objective", consistent with other resolutions on the topic.

"We must expand and enforce sanctions against Kim Jong-un's regime", said Senator Chris Van Hollen, who introduced the second bill, the Banking Restrictions Involving North Korea Act, in a statement released by his office. "The choice is theirs".

Among the provisions that were in a draft proposal, but not the final resolution were a total oil embargo and a freeze on the assets of both North Korean leader Kim Jong Un and the national airline.

The EU is reportedly mulling deporting North Korean workers in Europe to block the North's income source for its nuclear program.

The U.N. resolution was triggered by North Korea's sixth and largest nuclear test this month, which it said was of an advanced hydrogen bomb.

Though Russia voted in favor of the resolution on Monday, President Vladimir Putin earlier downplayed the effectiveness of sanctions given North Korea's unrelenting nuclear ambitions. He urged Pyongyang to take "concrete action" toward denuclearization.

Despite North Korea's "provocative" firing of three missiles, the USA will continue to push for negotiations to deescalate nuclear tensions on the Korean peninsula, Secretary of State Rex Tillerson said on Sunday.

Peru said on Monday that it was expelling North Korea's ambassador over the country's refusal to heed the world's "constant calls" to end its nuclear program.

Chinese UN ambassador Liu Jieyi again called for talks "sooner rather than later". President Donald Trump wants China and Russian Federation to use their economic leverage to rein in Kim, but both countries are skeptical that sanctions will work and have called for peace talks.

The UN noted that the new sanctions include, limits on imports of crude oil and oil products.

In the approved text, the 15-member Council seeks to cap refined petroleum products up to 500,000 barrels beginning in October, and up to two million barrels per year starting in January for a period of one year.

The only sanction that has been retained from the US original wish list is a ban on exports of North Korean textiles.

But analysts were sceptical about their impact.

He again raised the Chinese and Russian proposal of a dual suspension of North Korea's nuclear and ballistic missile testing along with United States and South Korean military exercises in a bid to kick-start talks. The claim has not yet been independently confirmed, but some experts believe North Korea may have detonated such a device, or is very close to achieving it, according to Reuters.

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