China Issues New Sanctions On NK To Limit Imports On Oil, Textiles

25 September 2017, 12:12 | Isaac Mcdaniel

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North Korea will be feeling the pain of new United Nations' sanctions targeting some of its biggest remaining foreign revenue streams, like textiles, joint ventures and remittances from its legion of workers overseas.

China will soon begin restricting oil exports to North Korea, the country's Commerce Ministry announced Saturday, marking a major step by Pyongyang's top ally and trading partner to further isolate the country from the global economy. They include a total and immediate ban on natural gas and textile exports and limiting annual petroleum exports to 2 million barrels beginning January 1.

However, in a regular briefing Friday, Chinese Foreign Ministry spokesman Lu Kang denied media reports saying the central bank has launched new financial sanctions including notifying commercial banks to stop opening new transactions with North Korea.

China accounts for about 90 percent of North Korea's trade, making its cooperation critical to any efforts to derail Pyongyang's development of nuclear weapons and long-range missiles.

China will suspend such exports once the total exports approaches the ceiling.

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The Ministry of Commerce will implement UN Security Council Resolution 2375 by halting the export of liquified natural gas and gas condensate and limit exports of refined oil, reports Xinhua news agency.

The importing of North Korean textiles has been banned altogether by Beijing in compliance with the UN Security Council (UNSC) resolution, and new shipments are now forbidden.

Yesterday, US President Donald Trump praised China for instructing its banks to cut off business with North Korea. Kim had previously described the United States president as a "mentally deranged dotard" in response to Trump's earlier, fiery speech at the UN.

Tensions have been mounting on the Korean Peninsula as Pyongyang continues its missile and nuclear tests and the United States and its regional allies - South Korea and Japan - are holding drills in the area.

Also on Friday, North Korean Foreign Minister Ri Yong-ho said his country could consider a hydrogen bomb test on an unprecedented scale on the Pacific Ocean - a threat, Japan labelled as "totally unacceptable".



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