U.N.S.C. to consider tougher sanctions that could cost N. Korea 1 billion USD

The United States has proposed new United Nations sanctions on North Korea seeking ban on exports of coal and other commodities, the Washington Post reports.

The new penalties are likely to be adopted by the Security Council in response to two North Korean intercontinental ballistic-missile (ICBM) launches last month. A vote could come as soon as Saturday.

The bans on coal, lead, iron and seafood exports could deny North Korea $1 billion in annual revenue, out of total exports of $3 billion.

The sanctions would cap North Korea's lucrative program of farming out labourers to other nations. Employers, which include China and Russia, would be barred from increasing the number of North Korean workers they use.

The new sanctions would prohibit new joint ventures between North Korean entities and foreign corporations and cap foreign investment in existing ventures.

The Washington Post has quoted an U.N. official acknowledging that the United States had sought some elements that were not part of the new proposal.

The goal is to restrict North Korea's access to hard currency and products that it can use to further its ballistic missile and nuclear weapons programmes.