UN Security Council approves new North Korea sanctions

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The company said North Korea is a "pariah nation" that "operates in many ways like a criminal enterprise" and has been forced to find new ways to make money by various economic sanctions.

North Korea on Wednesday condemned new sanctions approved by the U.N. Security Council (UNSC) following its sixth nuclear test, vowing to strengthen its nuclear force at a faster pace.

"The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the USA suffer the greatest pain it has ever experienced in its history", he told a United Nations conference in Geneva.

The latest resolution also calls on countries to inspect vessels on the high seas, with the consent of the flag state, if they have reasonable grounds to believe the ships are carrying prohibited cargo to North Korea.

Apart from the oil and textile ban, the sanctions have also put a ceiling on the deliveries of refined oil products to Pyongyang and also limit crude oil shipments to the current level.

Additionally, the U.S. proposition calls for an immediate asset freeze on Kim Jong Un and the North Korean government for all financial assets held overseas.

"This is a compromise in order to get everybody on board", French UN Ambassador Francois Delattre said of the draft ahead of the vote. "But those sanctions are nothing compared to what ultimately will have to happen", he added, without giving details.

"We now will implement new United Nations sanctions as we have always done before", Mogherini said. "The North Korean regime has not yet passed the point of no return". In June, the USA designated the Bank of Dandong, a regional Chinese bank, as a "primary money laundering concern" over its alleged help to North Korea in accessing the United States and global financial systems. "The choice is theirs". He said that the United States has recently caught North Korea trying to disguise the origin of ships it's using - and added that cracking down on North Korean ship traffic will be crucial to enforcing sanctions.

Textiles are one of North Korea's major exports, with a total export value estimated at $750 million in 2016, and the tens of thousands of North Koreans working overseas send a significant portion of their earnings home to the regime. Exports of copper, nickel, silver, zinc and the sale of statues were also banned.

Among the many strides North Korea has made in its development of nuclear weapons it can add another disquieting distinction: the precedent it's set for other rogue states who covet nuclear weapons.

If the idea is to ratchet up the pressure incrementally until the point where Mr Kim decides to unilaterally disband his nuclear and missile programmes and call for talks, we could be in for a very long wait, during which time his scientists will be pressing ahead with all urgency to ideal their nuclear capable ICBMs.

The sanctions fell short of the original USA demand for banning foreign travel by North Korean leader Kim Jong-un and freezing his assets.

On September 3, Pyongyang tested what it claimed was a hydrogen bomb in the most powerful nuclear test conducted by the country so far.

US President Donald Trump on Tuesday described the latest batch of UN-backed sanctions against North Korea as a "very small step" that must lead to tougher measures.

In an interview published on Sunday United Nations Secretary General Antonio Guterres said the showdown over North Korea's nuclear and missile program was the world's worst crisis "in years" and had left him deeply anxious.