A new US-drafted United Nations resolution could cut as much as $1 billion from North Korean export revenue and could come before the Security Council for a vote as soon as Saturday.
The latest, US -drafted resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood and prohibits countries from hiring additional North Korean laborers. Estimates of North Korean workers overseas range from 50,000 to 200,000, with their labor earning the the government as much as $2 billion to $3 billion a year.
The sanctions resolution is the seventh the Security Council has imposed on North Korea since 2006, when the country carried out its first nuclear test. Following its second test on July 28, the USA reached a deal on the sanctions with China, the North's top trading partner and ally.
The resolution, drafted by the United States but negotiated with North Korea's neighbour and ally China, is aimed at increasing economic pressure on Pyongyang to return to negotiations on its nuclear and missile programmes.
The sanctions, which target North Korea's foreign currency earnings, ban its exports of coal, coal, iron, iron ore, lead, lead ore and seafood. However, repeated sanctions had so far failed to deter leader Kim Jong-Un from continuing with his country's missile development.
Though Beijing repeated its call for the United States and North Korea to resume talks, the US said that was still premature, and rejected yet again a Chinese call for the U.S.to freeze joint military exercises with South Korea in exchange for the North halting nuclear development.
"It would thus help shutter the foreign currency revenue channels for North Korea's nuclear and ballistic missile programs while having an effect of delivering a clear message to the North Korean regime on the worldwide community's no tolerance of its nuclear program", according to the ministry.
The resolution asks the Security Council committee monitoring sanctions against North Korea to ban the import of many more so-called dual-use items, which have commercial purposes but can also be used in conventional, biological, chemical or nuclear weapons.
"It's going to hit hard but it's going to make a strong point to North Korea that all this ICBM and this nuclear irresponsibility has to stop", CNN quoted Haley as saying.More news: Not hyped yet for Aug. 21 eclipse? You're about to be
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Yet despite deeming North Korea a top security threat, the young Trump administration has struggled to find a strategy that differs significantly from what the US has tried in the past.
New sanctions and the toughest ones yet.
Chinese Foreign Minister Wang Yi said he had urged his North Korean counterpart to abide by United Nations resolutions and end testing of missiles. But when asked about this sort of "Twitter diplomacy", Haley said she has not received complaints.
The North Korean envoy hasn't spoken publicly since arriving in the Philippines.
The draft resolution however does not provide for cuts to oil deliveries to North Korea - a move that would have dealt a serious blow to the economy.
"The new United Nations sanctions against North Korea are meaningful in that they swiftly showed the global community's consistent opposition to the North's armed provocations", party spokesperson Kim Yoo-jung said.
"We should always be hard on any country that tries to meddle in our elections, whether it's Russian Federation or anyone else", she said.
North Korea has repeatedly said it will never give up its nuclear arsenal, which it sees as a guarantee of its security. That means asking countries to "enforce the UN Security Council resolutions" and "to drastically reduce their interactions with Pyongyang".