New UN resolution seeks to restrict oil exports to N. Korea

According to the U.S. Energy Information Administration, China supplies most of North Korea's crude oil imports, which a U.S. official put at 4 million barrels a year.

The measures to punish Pyongyang for its September 3 nuclear test also ban the country from importing natural gas liquids and condensates, and limit the import of refined petroleum products to 2 million barrels a year. Textiles are one of North Korea's major exports, with a total export value estimated at $750 million in 2016, and the tens of thousands of North Koreans working overseas send a significant portion of their earnings home to the regime.

On Sept. 3, North Korea conducted the test of what it claimed was a hydrogen bomb for an intercontinental ballistic missile, the country's sixth and most powerful nuclear test.

Pyongyang warned the United States on Monday that it would pay a "due price" for spearheading efforts on U.N. sanctions. China and Russian Federation, the two leading oil suppliers to the North and veto-wielding countries, however, have been in opposition, prompting Washington and Beijing to negotiate "a compromise" draft, according to the source. The North's Foreign Ministry spokesman said the United States was "going frantic" to manipulate the Security Council over Pyongyang's nuclear test, which it said was part of "legitimate self-defensive measures".

"We are closing in on North Korea's trade representatives", he said.

Ambassador Han Tae Song also lashed out at the United States during a session of the U.N.'s Conference on Disarmament, saying North Korea denounces Washington's "evil intention" and would "make sure the US pays a due price".

"The world will witness how the DPRK tames the US gangsters by taking a series of actions tougher than they have ever envisaged", the unnamed spokesman said.

A Security Council resolution needs nine votes in favor and no vetoes by permanent members the United States, Britain, France, Russia or China to pass.

The original USA draft would also have frozen the assets of North Korea's state-owned airline Air Koryo, the Korean People's Army and five other powerful military and party entities. Monday's resolution followed a council resolution on August 5, which imposed a ban on the export of coal, iron, iron ore, lead, lead ore, and seafood from North Korea, among other restrictive measures.

"If it agrees to stop its nuclear program, it can reclaim its future".

Putin has remained firm however that such sanctions on oil would have negative humanitarian effects on North Koreans.

Europe should stand united in trying to bring about a diplomatic solution and "do everything that can be done in terms of sanctions", she said. "The response and actions the Security Council makes should be conducive to the denuclearization of the peninsula, conducive to safeguarding the peace and stability of the peninsula, and conducive to push forward the use of peaceful and political means to resolve the peninsula nuclear issue".

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