MNUCHIN: China may face new sanctions on North Korea

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"If it proves it can live in peace, the world will live in peace with it".

Beijing and Moscow have recently called for a freeze-for-freeze agreement with North Korea, which would see the United States and South Korea halt military drills on the Korean Peninsula in exchange for Pyongyang stopping its nuclear and ballistic missile programme.

The final draft of the resolution also contains language regarding oil exports to North Korea.

The panel, established pursuant to resolution 1874 (2009), added that numerous United Nations member states have wittingly and unwittingly provided banking services to front companies and North Korean nationals engaged in prohibited activities.

Beijing and Moscow have called for a resolution that focuses on a political solution and have proposed a freeze-for-freeze that would halt North Korean nuclear and missile tests in exchange for the USA and South Korea halting their joint military exercises - an initiative rejected by the Trump administration.

Germany would lend its weight to a diplomatic push to end North Korean nuclear weapons and missile development along the lines of a past deal with Iran, Chancellor Angela Merkel said Sunday.

Jacqueline Klimas explains, "U.S. efforts to penetrate reclusive North Korea have been so confounding for so long that the military likely doesn't have enough accurate intelligence to take out its nuclear and missile facilities even if President Donald Trump ordered it".

Chinese Foreign Ministry spokesman Geng Shuang stressed the need for consensus and maintaining peace.

Chinese Ambassador Liu Jieyi again called for talks "sooner rather than later".

"We can designate Chinese banks and companies unilaterally, giving them a choice between doing business with North Korea or the United States", said Royce, who had breakfast on Tuesday with Secretary of State Rex Tillerson.

The new draft also drops a proposed oil embargo and instead intends to impose a ban on condensates and natural gas liquids, a cap of two million barrels a year on refined petroleum products, and a cap crude oil exports to North Korea at current levels.

It also bans North Korean exports of textiles, a $726 million industry, and phases out North Korea's overseas labor program, which sends 93,000 North Koreans abroad to work in near slave conditions and send their pay back to the regime.

At the hearing, USA officials released American intelligence findings on how North Korea smuggles coal and commodities to Russian Federation and China.

North Korea has been public about its most recent nuclear test, but has been less transparent about the scope of its nuclear facilities. "It doesn't seem much time is left before North Korea achieves its complete nuclear armament", the prime minister told a meeting of defense ministers in Seoul Thursday. Almost 80 percent went to China.

"It mainly aims at limiting North Korea's foreign exchange revenue and cutting off the foreign exchange (supply) that it needs to develop its nuclear plans".