The Koreas

A Closer Look at the New North Korea Sanctions

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The Koreas

A Closer Look at the New North Korea Sanctions

How hard will the latest UN sanctions really bite?

A Closer Look at the New North Korea Sanctions
Credit: Wikimedia Commons/ CSIRO

Responding to North Korea’s second nuclear test within one year in September, the United Nations adopted a new sanctions package on Wednesday November 30. These are some of the main points:

  • By far, the most significant measure is a “cap” on imports of North Korean coal at $400 million or 7.5 million metric tons in a year, cutting the country’s revenues by about $700 million per year. This is to supplement the current provision that coal can be imported when the proceeds go to livelihood purposes in North Korea, a provision that (unsurprisingly) has proven to be a massive loophole.
  • Four more minerals have been added to the sanctions list: copper, nickel, silver, and zinc.
  • Exports of statues have been banned, targeting the somewhat peculiar North Korean practice of building statues in various African countries.
  • The resolution also limits the number of staff allowed at North Korean diplomatic missions, and forbids them from opening more than one bank account per person.
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