UN Security Council unanimously votes for sanctions on North Korea

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The Council reaffirmed previous Council decisions that North Korea not conduct further launches using ballistic missile technology, nuclear tests, or any other provocation.

US President Donald Trump has commended the UN Security Council for adopting new sanctions on North Korea, calling it the single largest economic sanctions package issued against the reclusive nation that is expected to cost Pyongyang USD 1 billion.

The U.N. Security Council unanimously approved tough new sanctions on North Korea on Saturday including a ban on exports worth over $1 billion - a huge bite in its total exports, valued at $3 billion a year ago. The penalties enacted are aimed at reducing a billion dollars a year North Korean revenues by exporting coal, iron, lead and shellfish.

Wang made the remarks here on the sidelines of a series of foreign ministers' meetings, in response to a question regarding the new UN Security Council resolution over the DPRK's test launch of intercontinental ballistic missiles in July. It would also prohibit countries from increasing the current numbers of North Korea's labourers working overseas, ban new joint ventures with Pyongyang and any new investment in current joint ventures.

The resolution's adoption follows North Korea's first successful tests of intercontinental ballistic missiles capable of reaching the United States on July 3 and July 27. "Until then, this resolution and prior ones will be implemented to the fullest to maximize pressure on North Korea to change its ways", she said. It banned new joint ventures or cooperative entities with DPRK entities or individuals as well as additional investments in existing joint ventures.

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In early July, Haley told the Security Council that if it was united, the global community could cut off major sources of hard currency to North Korea, restrict oil to its military and weapons programs, increase air and maritime restrictions and hold senior officials accountable.

"It's going to hit hard but it's going to make a strong point to North Korea that all this ICBM and this nuclear irresponsibility has to stop".

North Korea has repeatedly said it will never give up its nuclear arsenal, which it sees as a guarantee of its security.

On the political front, the Council calls for resumption of the Six-Party Talks and reiterated its support for the commitments set forth in the Joint Statement of 19 September 2005 issued by China, the DPRK, Japan, the Republic of Korea, the Russian Federation, and the United States.

"Our goal remains a stable Korean peninsula, at peace, without nuclear weapons". Additional sanctions target the DPRK's arms smuggling, joint ventures with foreign companies, banks, and other sources of revenue.

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