The UN Security Council on Saturday is set to vote on a US-proposed resolution that intends to slash exports of the Democratic People's Republic of Korea (DPRK) by a third over Pyongyang's continued ballistic missile testing.
According to an anonymous council diplomat, the resolution would ban the export of seafood, coal, lead, lead ore and iron ore.
The diplomat added that the DRPK's export revenue is 3 billion US dollars annually, of which coal exportation revenue takes up around 251 million US dollars, while seafood sales make up for the 295 million US dollars.
The new sanctions also aim to restrict DRPK labors from working abroad and banning new joint ventures with DPRK and new investment in current joint ventures.
UN Security Council unanimously adopting resolution 2270(2016), imposing additional sanctions on the Democratic People’s Republic of Korea (DPRK) in response to the country’s continued pursuit of nuclear weapons and ballistic missile, in New York on March 2, 2016. /AFP Photo
Other serious measures like cutting off oil import to DPRK are believed not to be included in this fresh imposed sanctions. Diplomat also said the sanctions are not targeted at DPRK people.
The DPRK launched two intercontinental ballistic missiles (ICBM) in July adding up to 12 missile tests this year. The UN Security Council resolution banned Pyongyang from using ballistic missile technology and nuclear tests.
To pass the resolution, the UN Security Council will need nine of fifteen votes in favor and no vetoes by the five permanent members: US, China, Russia, France and the UK.
The diplomat had "high confidence" that China and Russia would also approve the resolution as money created from DPRK's export sectors are crucial for DPRK's expensive missile tests and nuclear weapons programs.
However, countless resolutions issued by the UN Security Council in the past aiming to turn off DPRK's desire to have missile tests have all failed.
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