UN ban on DPRK mineral exports to hurt foreign currency income

kim jong

February 27, 2016 – The expected ban under the new UN Security Council resolution on the Democratic People’s Republic of Korea (DPRK)’s mineral resources exports will significantly damage Pyongyang’s foreign currency income, South Korea’s unification ministry said on Friday.

Unification Ministry spokesman Jeong Joon-hee told a press briefing that if media reports on fresh UN sanctions that include a ban on DPRK’s mineral exports are true, it will cause a “significant” disturbance to the securing of foreign currency by the DPRK.

Jeong said it has been known that mineral exports account for almost 40 percent of DPRK’s total exports.

A draft of new UN Security Council resolutions has been reportedly circulated among member countries to punish Pyongyang for its recent rocket launch and nuclear test.

The DPRK launched an alleged Earth observation satellite on Feb. 7 to test a ballistic missile technology, after detonating what it claimed was its first hydrogen bomb on Jan. 6.

Asked whether South Korea will announce its unilateral sanctions against the DPRK, Jeong said follow-up measures by the South Korean government will be discussed after the fresh UN resolution is fixed.

Included in Seoul’s unilateral restrictions under discussion is a ban on third-country ships visiting the DPRK from entering South Korean ports.

Mary Greeley News