Maximum pressure? How UNSCR 2371 will impact North Korea’s economy
For the new measures to have serious bite, they will have to be implemented and enforced like never before
On August 5, the 15 member-states of the United Nations Security Council (UNSC) unanimously passed Resolution 2371, a new sanctions package targeting North Korea. The aggressive new sanctions aim to carve out one-third of Pyongyang’s total export profits: a cool USD$1 billion.
Put simply, the scope is unprecedented. 2371 includes an outright ban on purchasing whole sectors of North Korean exports, including some of their biggest money makers: coal, iron, lead, and seafood. It is well known that the Kim regime has been using mineral resources as a lifeline, but the fisheries industry is a lesser known source of currency
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