Korea says another UNSC resolution will trigger corresponding measures

Korea says another UNSC resolution will trigger corresponding measures

Korea says another UNSC resolution will trigger corresponding measures

The bill would ensure companies working with North Korea are locked out of the American financial system by making the White House "block all transactions that are property of the North Korean government, affiliates, or those that do significant business with North Korea", "block any entity or financial institution implicated in any significant trade in goods or services with North Korea from the USA financial system" and "prohibit any goods made with North Korean labor from entering the United States and to impose sanctions of all entities implicated in North Korean labor trafficking".

According to the statement, North Korea also urged the United States to think of Pyongyang's strategic position, instead of exerting pressure and introducing sanctions against the country.

Foreign Ministry spokesman Geng Shuang said Chinese exports of iron to North Korea for civilian purposes do not relate to the sanctions targeting Pyongyang's nuclear and missile programs, and China will continue implementing the resolutions "in an all-out manner".

China's exports to North Korea rose 29.1 percent in the first half of 2017, driven by consumer goods such as textiles that aren't on the sanctions list, Huang said.

On June 30, the USA took steps to penalize a Chinese bank, a Chinese shipping company and two Chinese citizens it claimed worked to help North Korea evade sanctions. Imports from North Korea are declining every month beginning March.

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"China has been constantly executing the UN Security Council resolution in a comprehensive, precise, earnest and strict way", Huang said.

A South Korean lawmaker, Yi Wan-young, said Tuesday that he doesn't think North Korea has secured re-entry capabilities for its intercontinental ballistic missile (ICBM) program.

For the Chinese government, purchases of iron ore provide a way to support the regime of Kim Jong Un now that sanctions more strictly cover North Korean coal. But Huang said the total trade figure in the first six months was US$2.55 billion, an increase of 10.5 percent. "Trade related to DPRK people's livelihood, especially those that reflect humanitarianism should not be influenced by the sanctions", Huang said.

Since North Korea relies on Chinese imports for many of its basic requirements, maintaining exports of iron ore and other commodities helps to keep the flow of essentials from drying up, said Leonid Petrov, Korean Studies researcher at Australian National University's College of Asia and the Pacific.

North Korea's biggest need is to pay for fuel, since the country doesn't come close to producing enough oil.

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