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News & Press: International Trade News

Sanctions on North Korea to ban $1bn of exports

07 August 2017  
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sanctions button on top of map of North Korea

On Saturday (5th August) the United Nations Security Council unanimously approved new sanctions on North Korea which include banning exports worth over $1 billion, a third of its total exports last year.

Intended to significantly increase economic pressure on North Korea to return to negotiations on its nuclear and missile programs. The US drafted measure is in response to Pyongyang's two intercontinental ballistic missile tests last month.

The ban covers mineral and seafood exports and the resolution would also ban countries from giving any additional permits to North Korean labourers. All new joint ventures with North Korean companies and new foreign investment in existing joint ventures are prohibited.

Coal exports – North Korea’s largest source of income – will now be banned, costing the regime over $401 million in revenues per year.

Export of iron and iron ore, worth roughly $250 million per year, will be halted, as will exports of seafood worth $300 million and lead and lead ore, worth $110 million.

Nikki Haley, the US ambassador to the UN, said that the resolution was "the single largest economic package ever levelled against the North Korean regime."

The resolution was approved by all 15 members of the UN Security Council, meaning that China and Russia abandoned their traditional support for North Korea in joining a united show of force.