U.N. sanctions against North Korea could block $1.3 billion, analyst says

By Elizabeth Shim Contact the Author   |  Oct. 18, 2017 at 5:55 PM
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Oct. 18 (UPI) -- The implementation of United Nations Security Council sanctions could block as much as $1.3 billion in capital inflows to North Korea, a South Korean analyst said Wednesday.

Kang Sun-joo, a professor at the Korea National Diplomatic Academy in Seoul, said in a report released Wednesday the Security Council has imposed nine sanctions against North Korea since 2006, when Pyongyang conducted its first nuclear test, News 1 reported.

Recently adopted resolutions 2371 and 2375 included severe measures that include the freezing of North Korea individual and entity assets related to nuclear weapons development, and bans on the export of North Korean coal, iron ore, fishery products and textiles.

The sanctions also include inspection of ships suspected of carrying banned products and forbids North Korea access to international financial services.

"The U.N. North Korea sanctions cover 90 percent of North Korea's official exports," Kang said in her report. "If the [latest] sanctions are implemented it is expected North Korea would be prevented from earning about $1.3 billion."

Kang added, "Textiles, the second most important export, when banned could incur a loss of $800 million a year."

The inspection of North Korea vessels at sea also shows "China's attitude has changed" toward Pyongyang.

Beijing has repeatedly called for negotiations and for North Korea to take steps toward denuclearization.

International sanctions have been followed by unilateral U.S. and European Union sanctions against the reclusive state.

South Korea is still reviewing passing unilateral sanctions against North Korea, three months after President Moon Jae-in said he would look into passing new measures, the Chosun Ilbo reported Wednesday.

During his upcoming trip to Asia, U.S. President Donald Trump may call for Seoul to take tougher measures against Pyongyang, according to the report.

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