US releases draft resolution to tighten sanctions on North Korea

The US has proposed to the United Nations measures to increase sanctions on North Korea due to Pyongyang's repeated long-range missile launches.

The US proposed to sharply cut off North Korea's financial supply after Pyongyang tested its second ICBM. Photo: Reuters.

TIn a draft United Nations Security Council (UNSC) resolution drafted by the US, Washington aims to cut Pyongyang's annual export revenue by $1 billion, equivalent to a third of its total foreign currency earnings, by banning trade in some key commodities, Reuters reported today.

Accordingly, the items expected to be banned from import from North Korea include coal, iron ore, lead, lead ore and seafood.

An officialThe UNSC said anonymously"firmly believe" that China and Russia will support the draft, when it is presented to the Security Council yesterday.

The United States is pushing for a Security Council vote today on tougher sanctions against North Korea after Pyongyang tested two intercontinental ballistic missiles (ICBMs) last month, while Russia and others have suggested more time is needed.

To be approved,A Security Council resolution requires nine votes in favor and no vetoes from the US, China, Russia, France or Britain.

The draft resolution also prohibits countries from increasing the number of North Korean laborers working abroad, bans joint projects with North Korea and does not allow any new investment in existing joint projects.

According to the UN Security Council official, banned imports from North Korea are considered a crucial source of funds for Pyongyang to invest in its costly nuclear and ballistic missile programs.

The draft resolution also adds nine individuals and four entities to the UN blacklist, including North Korea's main foreign exchange bank, whose accounts will be frozen and travel banned.

The US and China discussed the draft last month. Technically, they agreed on it before formally submitting it to other members of the Security Council.

Russia, on its part, disagrees with the assessment that North Korea tested two long-range missiles, saying they were only medium-range.

It is estimated that this year, North Korea earned 400 million USD from coal exports, more than 250 million USD from iron and iron ore, more than 110 million USD from lead and lead ore, and nearly 300 million USD from seafood.However, the revenue from overseas labor is currently unknown.

In 2015, North Korea was believed to have more than 50,000 workers working abroad, mainly in Russia and China, bringing in between $1.2 billion and $2.3 billion a year for the government.

According to VNE