N. Korea denounces new United Nations sanctions

N. Korea denounces new United Nations sanctions

Treasury Secretary Steven Mnuchin also warned that if China fails to fully implement the new United Nations sanctions, the USA could impose additional sanctions on China and prevent it from accessing the U.S. financial system.

Urging the Trump administration to 'do diplomacy instead of all this bluster", Richardson said in an interview on Bloomberg Television that "we need to talk to North Korea in some way but get something in exchange for that.

Since 2006, the Security Council has unanimously adopted eight resolutions ratcheting up sanctions on North Korea over its ballistic missile and nuclear programs.

The State Department's Thornton said Seoul had "come around very nicely" and appeasement not South Korea's policy.

In a revised draft resolution circulated late Sunday, the United States dropped its initial demand for a full oil embargo as well as a freeze on the foreign assets of North Korean leader Kim Jong-un.

"We, too, are against North Korea developing its nuclear capabilities and condemn it, but it is worrying cutting the oil pipeline will harm the regular people, like in hospitals", Putin said during a meeting with South Korean President Moon Jae-in on Wednesday. The president has also said that he wants every country involved to step up and do more. Ultimately, China and Russian Federation will have to decide if they want to stay aligned to North Korea, a nation that offers little value except as a buffer against USA hegemony, or if they want to maintain amicable relations with the world's largest superpower.

The tensions have weighed on global markets, but there was some relief on Monday among investors that North Korea refrained from conducting another missile test this past weekend to celebrate 69 years since its founding.

"The DPRK (Democratic People's Republic of North Korea) is closely following the moves of the USA with vigilance". "The forthcoming measures ... will make the USA suffer the greatest pain it ever experienced in its history".

Kim Hyun-Wook, professor at the state-run Korea National Diplomatic Academy, told AFP the Americans had softened their stance because it was vital to keep Moscow and Beijing on board.

Moreover, this resolution also put an end to the regime making money from the 93,000 North Korean citizens it sent overseas to work and heavily taxed, she noted. Both are violations of United Nations resolutions, but Pyongyang claims it must carry them out to build nuclear deterrent against what it sees as US aggression.

Quite apart from the United Nations, the US Treasury has its own sanctions regime blacklisting companies and people who are said to have assisted Pyongyang in developing nuclear weapons.

Han said North Korea is "ready to use a form of ultimate means" but did not elaborate, the news agency reported.

Meanwhile, the Kremlin appeared to be reluctant in agreeing to increased sanctions on North Korea.

"The U.S.is trying to use the DPRK's legitimate self-defensive measures as an excuse to strangle and completely suffocate it", the statement said, using the acronym for North Korea's formal name.

However, the earlier USA proposal would have empowered nations to use "all necessary measures" to interdict ships suspected of carrying weapons material or fuel into North Korea.

Assistant Treasury Secretary Marshall Billingslea acknowledged at a House hearing that he had not seen sufficient evidence past sanctions were effective, but defended the administration's strategy.

A person answering the customer hotline at the world's largest lender, Industrial and Commercial Bank of China Ltd. (ICBC), said the bank had stopped opening accounts for North Koreans and Iranians since July 16.

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