May 25, 2024

Why sanctions may harm North Korea’s burgeoning market reforms

Domestic efforts to liberalize the economy should be encouraged, not punished

Just over a month after United Nations Security Council (UNSC) resolution 2371, aiming at cutting about one-third of the DPRK’s export revenues, was passed, the UNSC is most likely about to vote on an additional round of economic sanctions after North Korea tested what it claims was a thermonuclear weapon on September 3.

While experts and policymakers are still waiting to see the nature and scope of the next round of economic measures, there is strong reason to believe that these additional sanctions, coming on top of a dense and complex network of uni-and multi-lateral measures aiming at forcing the DPRK to denuclearize, might not bear fruit.

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