15:12 | 25/12/2017 Global Economy
The UN Security Council last Friday adopted a new resolution to further tighten sanctions against the Democratic People's Republic of Korea (DPRK) in response to its ballistic missile launch late last month.
|The United Nations Security Council meets to discuss imposing new sanctions on North Korea, in New York, US, Dec 22, 2017 - Photo/Agencies|
Resolution 2397, which passed the 15-member council unanimously, bans nearly 90 percent of refined petroleum product exports to the DPRK, by setting a ceiling of 500,000 barrels during a period of 12 months beginning Jan 1, 2018. It provides for the same amount in 12-month periods thereafter with conditions.
It also caps crude oil exports to the DPRK at the current level of 4 million barrels a year...
In addition, the resolution bans DPRK exports of food and agricultural products; machinery; electrical equipment; earth and stone, including magnesite and magnesia; wood and vessels.
It bans the supply of industrial machinery, transportation vehicles, and iron, steel, and other metals to the DPRK. The resolution provides for measures to stop ships illegally providing oil to the DPRK through ship-to-ship transfers and smuggling DPRK coal and other prohibited commodities by sea...
The resolution reiterates the importance of maintaining peace and stability on the Korean Peninsula and in Northeast Asia at large, and expresses its commitment to a peaceful, diplomatic, and political solution to the situation.
It welcomes efforts by the council members as well as other states to facilitate a peaceful and comprehensive solution through dialogue, and stresses the importance of working to reduce tensions on the Korean Peninsula and beyond.
The resolution reaffirms support for the Six Party Talks involving the DPRK and the Republic of Korea, China, Japan, Russia and the United States, and calls for their resumption.
Resolution 2397 is the 10th Security Council resolution that contains sanctions against the DPRK since 2006, when it carried out its first ever nuclear weapon test. It is the third resolution that contains sanctions in 2017 alone.