North Korea: U.N. close to sanctions deal to slash North Korea export earnings: diplomats
Author(s): David Brunnstrom, Michelle Nichols, Jack Kim | Date: November 26, 2016 | Language: English
Source: http://www.reuters.com/ | URL: https://goo.gl/M7r4g5 | Type: Text
The U.N. Security Council’s five veto powers are close to approving new sanctions on North Korea to cut the isolated state’s earnings from exports by more than a quarter, principally by targeting its coal exports to China, diplomats said on Friday.
The U.S.-drafted resolution, in response to North Korea’s fifth nuclear test in September, would set a U.N. cap on North Korean coal exports with the aim of cutting hard currency revenues by at least $700 million.
The resolution would also restrict North Korea’s maritime and financial sectors. If successful, it could cut the country’s $3 billion in annual export earnings by at least $800 million, U.N. Security Council diplomats said.
The diplomats did not want to be identified as discussions were still under way. The new resolution would also target other North Koreans individuals and entities, they said.
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