Published: Wed, September 13, 2017
Business | By Max Garcia

North Korea vows 'greatest pain' for United States if new sanctions pass

North Korea vows 'greatest pain' for United States if new sanctions pass

The resolution, passed after Washington toned down its original proposals to secure backing from China and Russian Federation, came just one month after the council banned exports of coal, lead and seafood in response to the ICBM launch.

But for all of Pyongyang's fury at the prospect of new sanctions, the USA -backed draft has been watered down significantly to meet Chinese and Russian demands.

"North Korea will lose United States dollars 700 million to USD 800 million a year from the textile ban".

According to the USA mission to the United Nations, the North imports around 8.5 million barrels a year of oil and oil products, 4 million as crude and 4.5 million in refined form - which includes substances such as petrol and diesel.

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 US is pushing the UN Security Council to slap an oil embargo on North Korea and freeze the assets of leader Kim Jong-un in response to its latest test.

Tensions around the Korean Peninsula rose even higher after North Korea test-launched another missile and the UN Security Council unanimously passed newer, tougher sanctions on the country. And it's unlikely to persuade Kim to halt his nuclear program and return to the negotiating table. But she also held out the prospect of a peaceful resolution to the crisis.

US President Donald Trump said the move was nothing compared to what would have to happen to deal with North Korea.

'We must stop its march towards a nuclear arsenal with the ability to deliver it anywhere in the world, ' she said of North Korea.'We must do that by cutting off the fuel and the funding that supports it'.

China's United Nations ambassador Liu Jieyi called on North Korea to "take seriously the expectations and will of the global community" to halt its nuclear and ballistic missile development, and called on all parties to remain "cool-headed" and not stoke tensions.

South Korea said Monday that it's not reviewing its policy on the redeployment of US nuclear weapons after Sen.

Liu said relevant parties should resume negotiations "sooner rather than later".

He again raised the Chinese and Russian proposal of a dual suspension of North Korea's nuclear and ballistic missile testing along with USA and South Korean military exercises in a bid to kick-start talks.

"We think it's a big mistake to underestimate this Russia, China initiative". Haley has rejected that proposal as "insulting". They say usually negotiators take time quietly behind the scenes to come up with these new sanctions.

This was a small step in that process, and we're hoping that they'll all take a greater role and a more active role in putting pressure on North Korea.

North Korea has made rapid progress in its nuclear and missile programs despite multiple sets of United Nations sanctions, and Go Myong-Hyun at the Asan Institute of Policy Studies said the latest measures were "not enough to cause pain".

"The world will witness how the DPRK tames the USA gangsters by taking a series of actions tougher than they have ever envisaged", the foreign ministry said in a statement carried by the official KCNA news agency.

"I could imagine such a format being used to end the North Korea conflict".

But the Trump administration adopted a totally new approach with this resolution, presenting its draft to China and all other Security Council members last Tuesday and demanding a vote in six days.

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