U.S. Congressman pushing to sanction Chinese financial institutions

U.S. Congressman pushing to sanction Chinese financial institutions

November 8, 2019 0 By Kody Olson


Only time will tell how effective the new
sanctions will be in curbing the regime’s nuclear ambitions. In the long run, they could deal an effective
blow. But most North Korea watchers say the measures
are ultimately not enough. Connie Kim has the analysis. The UN Security Council has adopted its ninth
sanctions resolution on North Korea, being dubbed the strongest to date, but whether
these new punitive measures will be effective in curbing the regime’s nuclear ambitions
is up in the air. This comes as members of the UN Security Council
failed to agree on the initial draft of a complete oil embargo. Instead, imports of both refined and crude
oil will be capped at eight-point-five million barrels a year. While it may be limited in terms of scale,…
experts say an oil cap on the North is a good starting point in maximizing pressure on the
reclusive state. (English)
“For poor country like North Korea which is heavily dependent on outside for oil which
is mostly used for transportation purposes.// The new measures will represent a reduction
of only 25% compared to the previous amount, but still it’s going to make an impact in
my view.” (Korean)
“This resolution has significance as it started slapping sanctions on its energy. It also sends a signal that the North’s crude
oil supplies could be cut even more on the heels of additional nuclear and missile tests.” Paired with other sanctions… namely a ban
on North Korea’s textile exports and a ban on renewing North Korean laborers’ overseas
contracts,…these measures are expected to deprive the regime from nearly 1 billion U.S.
dollars in annual revenues. “Nonetheless,… most North Korea watchers
in Seoul are showing skepticism over whether the set of sanctions will be enough in preventing
further provocations from the regime. They forecast Pyongyang’s completion of an
intercontinental ballistic missile topped with a nuclear warhead capable of reaching
the U.S. while Washington will continue to compel North Korea to discuss denuclearization. Connie Kim, Arirang News.”