UN Sanctions North Korea

Aug 7, 2017

In light of North Korea’s recent firing of two intercontinental ballistic missiles, the United Nations Security Council voted 15-0 to impose sanctions on North Korea. It is estimated that sanctions could cut North Korea’s annual export revenue by $1 billion. North Korea will be unable to export coal, iron ore, iron, lead, lead ore and seafood. Countries who hire North Korean laborers will not be able to hire more. Joint ventures and investment in current joint ventures will be banned. The Chinese issued a statement calling on North Korea to “maintain calm.” The Chinese Foreign Minister said, "Do not violate U.N.'s decision or provoke international society's goodwill by conducting missile launching or nuclear tests.” President Trump praised the vote and singled out China and Russia for their cooperation.