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The United Nations Security Council on Wednesday adopted a resolution that strengthens binding UN sanctions on North Korea (DPRK) in response to its fifth nuclear test conducted on September 9, 2016.
This unanimous resolution sends a clear message to North Korea that the Security Council is united in imposing stronger sanctions on North Korea's international trade, financial transactions, and weapons-related programs in response to the DPRK continuing its nuclear- and ballistic missile-related programs in violation of multiple Security Council resolutions.
In particular, this resolution imposes a hard, binding cap on the DPRK's coal exports - the DPRK's largest source of external revenue.
The United States condemned the DPRK's September 9 nuclear test, and reaffirmed the DPRK's obligations not to conduct any further nuclear tests or launches that use ballistic missile technology, to abandon all nuclear weapons and existing nuclear programs in a complete, verifiable and irreversible manner, to suspend all activities related to its ballistic missile program, and to abandon all other WMD programs.
The resolution slashed the DPRK's exports by imposing a binding cap cut on the DPRK's largest export, coal, by approximately $700 million per year from 2015 (more than 60%). Tightening the conditions on coal exports under that cap, including by establishing that coal exports may not involve any individuals or entities associated with the DPRK's nuclear, ballistic missile, or other prohibited programs and activities.
The resolution has banned the DPRK's export of monument, which the DPRK has used to generate tens of millions of dollars through contracts around the world.
The resolution also banned the DPRK's exports of non-ferrous metals - copper, nickel, silver, and zinc - that provide approximately $100 million in hard currency to the regime annually.
It imposed additional restrictions on the DPRK's ability to generate revenue and access the international financial system, by banning the DPRK from generating revenue by using its property abroad, prohibiting public and private support for trade with the DPRK, such as export credits, guarantees and insurance.
It also asked for the closure of foreign bank offices, accounts, and subsidiaries in the DPRK within 90 days, except as approved by the sanctions committee.
The United States reaffirmed the Council's support for the Six Party Talks, calls for their resumption, reiterates its support for commitments made by the Six Parties, and reiterates the importance of maintaining peace and stability on the Korean Peninsula and in Northeast Asia.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)