tiptrot.com
tiptrot.com October 23, 2017


China limits oil supplies to North Korea

25 September 2017, 12:11 | Bernice Figueroa

China limits oil supplies to North Korea

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The new United Nations resolution requires exports of petroleum products to the North be limited to 500,000 barrels or 60,000 tons, from October 1 to December 31 and 2 million barrels or 240,000 tons per year starting January 1.

Joseph Cheng of the Chinese University of Hong Kong told Al Jazeera that "China wants to demonstrate its support of the world community's position dissuade North Korea from continuing to hold nuclear tests and long-range missile tests".

China is limiting its oil exports to North Korea to comply with new sanctions imposed by the UN Security Council last week, which include fuel import restrictions.

In an online statement by the country's Ministry Of Commerce Saturday, it said China would limit oil exports of refined petroleum and ban natural gas immediately.

China now accounts for roughly 90% of North Korea's trade, making it a critical trading partner. The sale of liquefied natural gas has been banned outright and the export of refined petroleum has been reduced to two barrels per year.

China will suspend such exports once the total exports approaches the ceiling, state-run Xinhua news agency reported.


China also made a decision to limit exports of refined petroleum products to North Korea from October 1 in line with the export ceiling imposed under the UN Security Council Resolution No. 2375.

Beijing has halted its imports of coal, iron ore, seafood and other goods, implementing United Nations sanctions imposed on North Korea for its provocative nuclear and missile tests.

China's ambassador to the U.S. has called on Washington to stop making continuous threats over North Korea and "do more" to build bridges of understanding and negotiation instead.

Japan's Kyodo News said Friday that China's four major banks have frozen all bank accounts of North Korean firms and individuals in Liaoning Province, the region where 70 percent of North Korea-China trade pass through. Trump, speaking during the U.N. General Assembly, called Kim "Rocket Man", and Kim threatened in a video to "tame the mentally deranged US dotard with fire". Yet in early September, after North Korea conducted its sixth and biggest nuclear test, it called the prospect of a full oil embargo "rash and extreme".

North Korea's leader Kim Jong Un. He also said, "we will have no choice but to totally destroy North Korea if forced to defend itself".



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