The United Nations Security Council (UNSC) on 11 September 2017 unanimously adopted a set of new sanctions on North Korea over its recent nuclear test in violation of previous Security Council resolutions.
The fresh resolution curtails the country's oil supply by almost 30 per cent and bans all its textile exports worth USD 800 million. It also takes steps to stop North Koreans working abroad from sending their earnings back to the country and provides new tools for combating smuggling of prohibited products by sea.
The US mission to the UN described the resolution as the “strongest sanctions ever imposed on North Korea”.
As per a statement from the US mission to the UN, the resolution “sends a very clear message to North Korea that the Security Council is united in condemning North Korea’s violations and demanding North Korea give up its prohibited nuclear and ballistic missile programmes.”
How the sanctions are going to impact North Korea?
The ban on all textile exports and prohibition of any country from authorizing new work permits for North Korean workers are the two key sources of hard currency for the North Korea.
The textile ban is significant as textiles are North Korea's main source of export revenue after coal, iron, seafood and other minerals that have already been severely restricted by previous UN resolutions.
As per the US mission, a cut-off on new work permits will eventually cost North Korea about USD 500 million a year once current work permits expire.
When: 11 September 2017