Published: Wed, September 13, 2017
Worldwide | By Gretchen Simon

What Are N.Korea's Real Oil Imports?

What Are N.Korea's Real Oil Imports?

A South Korean presidential office spokesman said on Tuesday: "North Korea needs to realise that a reckless challenge against global peace will only bring about even stronger sanctions against them".

The resolution fell short of measures sought by the Trump administration and opposed by Russian Federation and China to ban all oil imports, instead capping Pyongyang's imports of crude oil at the level of the last 12 months and limiting the imports of refined petroleum products to 2 million barrels per year. China is the largest supplier of crude oil to the North.

The United Nations on Monday unanimously agreed on its toughest sanctions against North Korea, setting limits on its oil imports and banning its textile exports.

"It was hard to find out how powerful the nuclear test was with the amount of xenon detected, but we can say the xenon was from North Korea", Choi Jongbae, executive commissioner, told a news conference in Seoul.

A proposed asset freeze and a travel ban on North Korean leader Kim Jong-un were dropped.

North Korea's government blasted the sanctions and claimed the US would "suffer the greatest pain ever" for supporting them.

Under the measure, countries are authorized to inspect ships suspected of carrying banned North Korean cargo but must first seek the consent of the flag-state. The new measures banned textile exports and capped fuel imports.

"This ban will eventually starve the regime of an additional $500 million or more in annual revenues", she said.

However, China's official Xinhua news agency said in a commentary that the Trump administration was making a mistake by rejecting diplomatic engagement with the North.

S&P sets record closing high as storm, N. Korea fear fades
Shares of Travelers Cos., Progressive and American International Group rose 2.6%, 1.3% and 1.2% in the pre-market, respectively. Irma caused a number of deaths and knocked out electricity to 3 million homes and businesses on its way up the Florida coast.

Peru declared the ambassador, Kim Hak-Chol, a persona non grata on Monday to protest North Korea's refusal to heed the world's "constant calls" to end its nuclear programme - giving him five days to leave the Andean country.

Ahead of the U.N. vote, North Korea had warned that the United States would pay a "due price" if it pursues stronger sanctions.

But U.S. lawmakers on Tuesday said the U.S. should be prepared to act alone, in a "supercharged" manner, to put maximum pressure on North Korea.

Jeong-Ho Roh, director of Center for Korean Legal Studies at Columbia University's Law School, said that past sanctions have had an incremental impact on North Korea.

"The forthcoming measures. will make the U.S. suffer the greatest pain it ever experienced in its history", North Korea's Ambassador to the UN Han Tae Song said on Tuesday.

All those activities are thought to help fund the nuclear-weapons program.

2 June 2017: United Nations imposed a travel ban and asset freeze on four entities and 14 officials, including the head of North Korea's overseas spying operations.

What happened next? On 3 September, North Korea said it tested a hydrogen bomb that could be miniaturised and loaded on a long-range missile.

Liu said relevant parties should resume negotiations "sooner rather than later".

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