After a month of deliberations and negotiations, the Security Council on Saturday passed a resolution that would slash about $1 billion off North Korea’s annual foreign revenue.
The new sanctions are aimed at countering the threat posed by Pyongyang’s nuclear program following two intercontinental ballistic missile (ICBM) tests in July. According to foreign media.
The new resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood. It also prohibits countries from increasing the current numbers of North Korean laborers working abroad, bans new joint ventures with North Korea and any new investment in current joint ventures.
North Korea has been under UN sanctions since 2006 over its ballistic missile and nuclear programs and the Security Council has now ratcheted up the measures in response to five nuclear weapons tests and four long-range missile launches.