Approval of New $800 Million Sanctions Against North Korea

With the unanimous positive vote of all members of the United Nations Security Council, the council approved new sanctions against North Korea on Wednesday that will reduce the country's annual export revenue by up to a quarter. All 15 permanent and non-permanent members of the UN Security Council voted in favor of the new sanctions by consensus. The new sanctions were approved on Wednesday, December 1st, in response to North Korea's fifth and largest nuclear test. North Korea conducted its latest nuclear test in September of this year, an action that met with a strong reaction from the international community. The new resolution will reduce North Korea's coal exports by 60%. Coal is North Korea's largest export product, generating $400 million annually for the government. According to the new sanctions, exports of copper, zinc, nickel, and silver will also be banned by North Korea. Another item that has been banned for export is statues. North Korea is famous for creating large statues with socialist themes, most of which are exported to African countries. According to Reuters, Samantha Power, the US representative to the United Nations, stated after the approval of the new sanctions that her country is 'realistic' and aware that these sanctions 'will not stop North Korea from its ongoing pursuit of developing nuclear weapons.' Nevertheless, Ms. Power added that these sanctions will reduce North Korea's annual export revenue by up to $800 million, which is used to fund its nuclear weapons program. Unlike its southern neighbor, North Korea is one of the poorest and most closed countries in the world, governed by a single-party communist system. No opposing party or group is allowed to operate in this country. North Korea relies on international aid and global organizations to provide food rations for its people. Despite this, a large portion of the country's revenue is spent on its nuclear weapons program and other military initiatives, and its leaders often threaten the United States, Japan, and South Korea with nuclear attacks. Russia and especially China are the largest supporters of this country in the world, but both countries voted in favor of the new resolution.