Washington:The UN Security Council has unanimously passed a US-drafted resolution that imposes strongest sanctions ever on North Korea, with measures targeting its last remaining major exports and reducing about 30 per cent of oil provided to it. It retains language reaffirming support for long-stalled six-party talks with that goal involving North Korea, the U.S., Russia, China, Japan and South Korea.
One Bank of China staff member said, "all bank activities related to North Korea are suspended now because it is a sanctioned country".
Meanwhile, US President Donald Trump said on Tuesday the latest United Nations sanctions on North Korea were only a very small step and nothing compared to what would have to happen to deal with the country's nuclear programme.
A week ago Haley called for the "strongest possible" sanctions, but after several days of negotiations, Washington dropped several measures to win the support of Russian Federation and China, including a bid for an oil embargo and the blacklisting of North Korean leader Kim Jong Un and the national airline.
The resolution requires the end of all joint ventures with North Korea.
North Korean leader Kim Jong Un provides guidance on a nuclear weapons program in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang September 3, 2017. Haley has dismissed it as insulting.
President Donald Trump said on Tuesday the latest United Nations sanctions on North Korea were only a very small step and nothing compared to what would have to happen to deal with the country's nuclear program. "It remains on the table at the Security Council and we will insist on it being considered".
The resolution does add new language urging "further work to reduce tensions so as to advance the prospects for a comprehensive settlement". United Nations members now are barred from importing any textiles from the North. North Korea detonated a device, which it said was a thermonuclear bomb small enough to fit on a long-range ballistic missile.
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Prior to the approval, Trump and the USA treasury secretary threatened to impose unilateral sanctions against any country that trades with North Korea if the Security Council was unable to come to an agreement.
North Korea's Foreign Ministry issued a statement early Monday saying it was watching the United States' moves closely and warned that it was "ready and willing" to respond with measures of its own.
Republican Rep. Ed Royce, the committee chairman, said efforts by the US and its allies to counter the threat from North Korea nuclear and missile programs should be "super-charged".
The measures contained in the resolution are estimated to diminish North Korea's export earnings by as much as United States dollars $1.3 billion.
After Monday's 15-0 vote on the sanctions compromise, Haley called the package "by far the strongest measures ever imposed on North Korea". Almost 80 percent went to China.
The latest resolution caps North Korea's imports of refined and crude oil at 8.5 million barrels a year, which represents a 30 percent cut, according to Nikki Haley, the us ambassador to the United Nations.
"We need to use every ounce of leverage.to put maximum pressure on this rogue regime", he told a hearing on North Korea.