UN passes new sanctions against North Korea
(VOVWORLD) -The latest United Nations sanctions are expected to cut North Korea's foreign currency revenue from exports by approximately 250 million USD a year. The amount accounts for about 10 percent of its annual export.
On the import side, the North is expected to sustain a reduction of some 1.2 billion USD, or about 30 percent of its annual imports. The UN Security Council unanimously passed toughened sanctions against North Korea on Friday, condemning its latest test of an intercontinental ballistic missile on November 29. Referring to the new resolution's call for a further reduction of 500,000 barrels in petroleum supply for North Korea, the official expected a reduction of 90 percent in the annual supply volume.
Resolution 2397 additionally bans UN member states from importing North Korean food, agricultural products, machinery, electrical equipment, minerals, earth and rocks, lumber and ships.