These sanctions will keep squeezing North Korea's economy

North Korea sanctions are strangling This specific town in China

After the unprecedented summit between President Donald Trump as well as Kim Jong Un, the array of international sanctions on North Korea is actually back in focus.

The United States pushed through a series of UN resolutions last year which significantly escalated the pressure on North Korea’s economy in response to Pyongyang’s repeated tests to advance its nuclear weapons program.

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China, which accounts for the vast majority of North Korea’s foreign trade, said which was enforcing the sanctions, despite skepticism through some analysts.

After the summit Tuesday, China hinted which sanctions relief could follow the Trump-Kim summit in Singapore.

“The relevant UN resolutions say based on how North Korea has followed as well as implemented the resolutions, sanctions can be adjusted accordingly, including suspending or lifting relevant measures,” Chinese Foreign Ministry spokesman Geng Shuang said.

Related: Trump’s North Korean gamble ends with vague pledges

Trump said at a news conference in Singapore which sanctions would certainly only be removed “when we are sure the nukes are no longer a factor.” He acknowledged which could take a long time.

“Scientifically you have to wait certain periods of time,” Trump said, speaking about the process of denuclearization. “however once you start the process which means which’s pretty much over.”

Until then, these measures will keep squeezing North Korea’s economy:


Export ban

The UN sanctions took aim at North Korea’s exports, banning the sale of coal, iron ore, textiles as well as seafood.

According to the US government, all of the isolated country’s major export industries have at This specific point been targeted, cutting off close to $3 billion in annual income.

however Kim’s regime is actually reportedly still dodging some restrictions. A UN report in February found which the country made nearly $0 million through exporting coal as well as different banned commodities last year in violation of the sanctions.

Related: Could North Korea become an opportunity for American companies?


Fuel restrictions

The Trump administration has sought to deprive North Korea of the fuel which needs to keep its economy running.

The UN sanctions froze the amount of crude oil the country could import at 4 million barrels a year, slashed the amount of refined petroleum products which could buy as well as banned the supply of natural gas.

however the measures didn’t go as far as US calls for China to cut off oil supplies altogether.

Related: UN adopts tough brand new sanctions on North Korea

Experts predicted which which would certainly take time for the fuel squeeze to hurt the regime, as the North Korean military as well as nuclear program would certainly be able to draw on stockpiles.

North Korea has also apparently been using ship-to-ship transfers at sea to potentially obtain oil, despite UN sanctions forbidding the practice.

The US government announced brand new measures to try to crack down on North Korean shipping in February.

North Korean crabs sold in China despite ban


Financial isolation

The US government has spent years trying to cut North Korea off through the global financial system, barring American banks through pursuing any financial transactions directly or indirectly with the country.

which has sanctioned various North Korean banks, as well as Chinese as well as Russian entities as well as individuals.

In September, Trump gave Treasury Secretary Steven Mnuchin the power to cut off access to the US financial system as well as freeze the assets of any company or individual doing business with North Korea.

Related: Trump says he won’t add extra sanctions on Pyongyang

Some experts thought which might lead to punishment of a high-profile Chinese bank involved in transactions with North Korea, which would certainly send a major warning signal however also escalate tensions with Beijing.

The Trump administration never went which far, drawing criticism through some analysts which which was pulling its punches.

China had already ordered its financial institutions earlier in September to take quite a few steps to comply with past UN resolutions, including halting business with sanctioned North Korean individuals as well as companies. as well as employees at some major Chinese banks said they were no longer opening brand new accounts for any North Koreans.

— Steven Jiang contributed to This specific article.

sy88pgw (Hong Kong) First published June 12, 2018: 9:16 AM ET




    

    




These sanctions will keep squeezing North Korea's economy

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