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Economic impact of North Korea sanctions

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Frame of Image sufficient damage for the Kim Jung-Un regime to give up nuclear weapons, or at least to return to the negotiation table for denuclearization? In March, the U.N. Security Council unanimously adopted Resolution 2270, which is appraised as the most powerful economic sanction over the past 20 years. All transactions contributing to the maintenance and development of North Korea’s WMD and
Economic Impact of North Korea Sanctions
2
conventional weapon programs are blocked de facto due to strengthened shipping and aircraft sanctions. A sectoral ban on mineral exports – Pyongyang’s main source of foreign currency earnings - was newly introduced, although coal and iron ore exports for the purpose of enhancing people’s livelihood were exempted. In addition to such a multilateral sanction, South Korea, the United States and Japan adopted strong bilateral sanction measures. South Korea has shut down Kaesung Industrial Complex and announced a crackdown on indirect inter-Korean trades via China. Japan has tightened its control of currency outflows into North Korea. Adopting the North Korea Sanctions and Policy Enhancement Act of 2016, the U.S has laid down a legal basis to trigger a ‘secondary boycott’ against third parties dealing with North Korea. China, who holds the key to the success of international sanctions against North Korea, is also showing a harsher attitude to the Pyongyang regime than in the past. Beijing has reiterated its sincere implementation of the Security Council Resol


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Title Economic impact of North Korea sanctions
Similar Titles
Material Type Articles
Author(English)

Lim, Sooho

Publisher

[Sejong]:Korea Institute for International Economic Policy

Date 2016-04
Journal Title; Vol./Issue KIEP Opinions:
Pages 3
Subject Country North Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Holding KIEP; KDI School