Monday, January 24, 2022

China Moves To Implement UN sanctions With Ban Of Petroleum Products And Textiles To North Korea

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China in following international pressure and UN sanction, has moved to limit North Korea’s oil supply and will stop buying textiles from the politically isolated nation, it said on Saturday. China is North Korea’s most important trading partner, and one of its only sources of hard currency.The ban on textiles trade will hurt Pyongyang’s income, while China’s oil exports are the country’s main source of petroleum products. The tougher stance follows North Korea’s latest nuclear test this month.

The United Nations agreed fresh sanctions – including the textiles and petroleum restrictions – in response.A statement from China’s commerce ministry said restrictions on refined petroleum products would apply from 1 October, and on liquefied natural gas immediately. A limited amount, allowed under the UN resolution, would still be exported to North Korea. But the ban on textiles – Pyongyang’s second-biggest export – is expected to cost the country more than $700m (£530m) a year.Photo Credit: Getty

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