Tuesday, 16 October, 2018

China will restrict oil exports to North Korea

The US Geological Survey says a magnitude 3.5 earthquake struck near the nuclear site Punggye-ri in North Korea. It's unclear whether a nuclear test caused the seismic activity China will restrict oil exports to North Korea
Christy Curtis | 25 September, 2017, 00:31

China issues new oil sanctions on North Korea.

Tensions between the United States and North Korea have ratcheted up after Pyongyang conducted its sixth and most powerful nuclear test September 3, prompting the United Nations to impose even tougher sanctions last week.

China accounts for about 90 percent of North Korea's trade, making its cooperation critical to any efforts to derail Pyongyang's development of nuclear weapons and long-range missiles.

China will also ban textile imports from the North Korea, the ministry said.

The spokesman said the reports are different from the facts.

The sanctions would also ban imports of textiles from Pyongyang.

Textiles are one of the North's last major sources of foreign revenue following repeated rounds of United Nations sanctions under which Beijing cut off purchases of coal, iron ore, seafood and other goods.

The Commerce Ministry said Saturday that China, the North's main trading partner and energy supplier, will limit supplies of refined petroleum products starting October 1.

He added: "Of course, it's going to take months for the impact of these sanctions to be felt, but certainly banning imports of North Korea textiles will hurt the regime because textiles provides what the regime really needs most right now, which is hard currency".

China will suspend such exports once the total exports approaches the ceiling, state-run Xinhua news agency reported.

China's ambassador to the USA has called on Washington to stop making continuous threats over North Korea and "do more" to build bridges of understanding and negotiation instead.

On Thursday, Trump announced an executive order authorizing a new round of sanctions aimed at slowing North Korea's progress toward being able to launch a nuclear strike on the continental U.S. The new sanctions target any company or person doing business with North Korea.

"Donald Trump mocked Kim as a "Rocket Man" on a" suicide mission" at the UN General Assembly. On Friday, Trump said that North Korean leader "is obviously a madman who doesn't mind starving or killing his people" and promised to "test" him. He also said, "we will have no choice but to totally destroy North Korea if forced to defend itself".

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