The United Nations Security Council voted unanimously to impose a new set of sanctions against North Korea in response to Pyongyang’s sixth and strongest nuclear test explosion on September 3. The new sanctions set a cap on crude and refined oil exports to North Korea.
The sale of natural gas will be prohibited and refined petroleum sales will be capped at 2 million barrels annually. The Security Council resolution also bans all North Korea textile exports. Geographically, China and North Korea share a large border, which makes China a natural partner for trade. Here’s a look at North Korea’s trade numbers in 2016:
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU