North Korea is stepping up its threats against the United States in the wake of the United Nations Security Council’s unanimous passage last Saturday of a toughly worded U.S.-drafted sanctions resolution. In response to North Korea’s two intercontinental ballistic missile tests last month, the new UN resolution bans North Korea’s exports of coal, iron, iron ore, lead, lead ore and seafood. The effect would be to potentially cut North Korea’s $3 billion annual export revenue by a third. Member states are also prohibited from admitting more North Korean workers into their countries. These workers send remittances back to North Korea, replenishing the regime’s hard currency reserves.
“North Korea’s irresponsible and careless acts have just proved to be quite costly to the regime,” said U.S. Ambassador to the UN Nikki Haley following the adoption of the resolution. “This resolution is the single largest economic sanctions package ever leveled against the North Korean regime. The price the North Korean leadership will pay for its continued nuclear and missile development will be the loss of one-third of its exports and hard currency. This is the most stringent set of sanctions on any country in a generation.”
