China reduces oil exports, bans textile imports from North Korea

In accord with the latest UN resolutions penalizing Pyongyang for its repeated nuclear and missile tests, the People’s Republic of China announced Saturday it would restrict refined oil exports and ban textile imports from North Korea.

China accounts for 90 percent of North Korea’s trade.

A statement from the Chinese Ministry of Commerce said restrictions on refined oil products would go into effect October 1, and and a complete ban on liquefied natural gas and condensate gas would begin immediately.

Both the United Nations and U.S. see Chinese exports of oil as vital to the livelihood of North Korea’s nuclear and missile program.

Regarding limitations on refined oil, China announced it will export no more than 500,000 barrels to North Korea, in accordance with UN resolutions.

Similarly, in compliance with UN penalties, Beijing will no longer inport North Korean-manufactured textiles.  The ban on textiles is expected to cost Pyongyang an estimated $700 million a year in revenue.

Under the UN sanctions imposed on Sept. 11, North Korea faces strict limits on the importation of gasoline, diesel, and heavy fuel oil.  Imports of oil products are to be capped at 2 million barrels annually beginning in 2018.

Pyongyang’s chief ally and trading partner, China’s enforcement of the United Nations Security Council resolution follows its August actions, in which it tightened economic pressure on Pyongyang by banning the import of iron ore, iron, lead and coal.

 

[BBC News] [Xinhua] [Photo courtesy Reuters via The Express]