NKorea rejects United Nations sanctions, says U.S. will suffer

North Korean soldiers gather on Munsu Hill in Pyongyang on Saturday to mark the 69th anniversary of the country's founding

Meanwhile, South Korea has stressed on the fact that it is significant that China and Russian Federation have supported the sanction.

"The Chinese side will never allow conflict or war on the peninsula", Foreign Ministry spokesman Geng Shuang said in a statement on Tuesday.

And Kim Hyun-Wook of the Korea National Diplomatic Academy, predicted: "The sanctions will only provide North Korea with an excuse for further provocations, such as an ICBM launch". Both nations have called for dialogue, something President Donald Trump has resisted.

"It all depends on China and Russia's willingness".

It said: "The US needs to switch from isolation to communication in order to end an "endless loop" on the Korean peninsula where nuclear and missile tests trigger tougher sanctions and tougher sanctions invite further tests".

North Korea a week ago had claimed of successfully detonating a hydrogen bomb - the sixth nuclear test carried out by the country and its largest - which possibly triggered a 6.3-magnitude artificial quake.

They will have to discuss what a peace treaty would look like to conclude the Korean war, diplomatic recognition of Pyongyang, security guarantees, economic engagement and perhaps even in the long run the departure of United States forces.

Japanese Prime Minister Shinzo Abe said after the council vote that it was important to change North Korea's policy by imposing a higher level of pressure on the country than ever before.

South Korean government observers predicted the resolution would prove effective in blocking around 30% of North Korean imports of crude and refined oil. "They'll eat grass, but they won't abandon their program unless they feel secure". It should not be long before North Korea develops the capability to miniaturise its nuclear weapons and fit them to its intermediate and long-range missiles. Republican Chairman Ed Royce said the USA should target Chinese banks, including Agricultural Bank of China Ltd. and China Merchants Bank Co.

Beijing and Moscow have called for a resolution that focuses on a political solution and proposed a freeze-for-freeze that would halt North Korean nuclear and missile tests in exchange for the US and South Korea stopping their joint military exercises. The textile export ban alone would cost North Korea about $726 million a year, the USA said. Some analysts suggested the measure was meant to emphasize China's independent efforts ahead of the vote on a new UNSC resolution.

It would also not be wrong to say that the sanctions are more likely to affect the people in the country than the regime. North Korean textile exports in 2016 totaled $752.5 million, accounting for about one-fourth of its total $3 billion in merchandise exports, according to South Korean government figures.

Japanese Prime Minister Shinzo Abe welcomed the resolution saying it "made clear the will of the global community" while Seoul said Pyongyang should accept the United Nations resolution as a "strict warning". "When competition to have better weapons escalates, it's always the poorer one who gives up".

The decision was the ninth sanctions resolution unanimously adopted by the 15-member Security Council since 2006 over North Korea's aggressive development of nuclear weapons and ballistic missiles. The US estimates about 93,000 North Koreans are working overseas, the US official said.

The North now has around 30 to 60 nuclear weapons.

"Asking whether we will be able to enforce the new rules is the same question as asking how tight our know-your-client checks are", said a senior corporate banker at the BoC who declined to be identified because of the sensitivity of the matter.

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