Japan backs proposal to target N. Korea's oil supply

Japan backs proposal to target N. Korea's oil supply

Original wording, including the imposition of an oil embargo on the isolated state and a travel ban on leader Kim Jong-un, has been watered down to appease fellow Security Council members China and Russian Federation, according to diplomats.

Before Monday's vote, the Security Council already had imposed various sanctions on North Korea, including on its exports of coal, iron ore and seafood.

"We think it's just another very small step, not a big deal". It compares with demand a year ago of nearly 2.6 million barrels a day in South Korea, 12.5 million in China and 19.6 million in the US, according to the EIA.

And Secretary of State Rex Tillerson is certainly keeping the door open to diplomacy.

North Korea is starting to become a real problem.

The country conducted its sixth and most powerful nuclear test on September 3, detonating a device that it claimed was a hydrogen bomb created to be carried by a long-range missile capable of reaching the US mainland.

Rarely does a government announce a strategy to assassinate a head of state, but South Korea wants to keep the North on edge and nervous about the consequences of further developing its nuclear arsenal.

North Korea had said the latest test was an advanced hydrogen bomb.

North Korea is suspected of engaging in arms trade with countries in Africa and the Middle East.

Among other concessions the new text also softens the inspection by force of North Korean ships suspected of carrying cargo prohibited by the United Nations and drops a proposed assets freeze on the state-owned Air Koryo airline.

The resolution bars countries from issuing new permits to the roughly 93,000 North Korean labourers working overseas.

In August, the Security Council unanimously approved a resolution to impose sanctions meant to cut annual North Korean export income by a third, or $1 billion. The United States has said that a previous round of sanctions agreed in August was aimed at cutting North Korea's $3 billion in exports by a third.

When he spoke to ValueWalk hours before the UN's meeting on Monday, a former U.S. Department of State diplomat specializing in North Korea reminded us that Pyongyang has "a pattern of making bellicose threats toward Washington and Seoul that Pyongyang has no intention of actually implementing".

On Thursday, Trump said it wasn't inevitable that the USA would end up in a war with North Korea, but that military action remained an option.

While the new set of sanctions is still under discussion, ...

Still, Russia, with its massive petroleum reserves and proven willingness to partner with unsavory regimes, could provide just enough of a boost to keep North Korea's economy moving, allowing it to again resist global pressure to give up its strategic weapons, the officials said. More action is expected to follow, only deepening North Korea's isolation, but there's a widespread belief that it won't be enough to stop Pyongyang's nuclear ambitions.

The U.S. has warned that time is running out to act. The U.S.is comitted to defending its allies in the region, Japan and South Korea.

The US has called for a vote on Monday on new United Nations sanctions.

And Kim Hyun-Wook of the Korea National Diplomatic Academy, predicted: "The sanctions will only provide North Korea with an excuse for further provocations, such as an ICBM launch".

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