Sunday, August 6, 2017

United Nations Bans 1/3 of All North Korean Exports After Missile Tests


All members of the United Nations Security Council voted in favor of imposing sanctions against North Korea on Saturday, August 5. The cooperation it took to pass a unanimous vote was celebrated by some to signify a diplomatic victory amid international tensions.
"The United Nations Security Council just voted 15-0 to sanction North Korea. China and Russia voted with us. Very big financial impact!" U.S. President Donald Trump tweeted following news of the resolution's passage.
The sanctions are expected to deliver a stiff blow to the country's economy in light of supreme leader Kim Jong-un's recent intercontinental ballistic missile launches. The U.N. is set to ban coal, iron, iron ore, lead, lead ore and seafood exports coming out of the country. Plans for investments and business ventures with the country are also being ordered to cease, as is any increase in North Korean laborers working aboard henceforth. All in all North Korea stands to suffer the loss of a third of its annual $3 billion revenue.
Source: reuters.com.

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