![The UN made vetoed decision to impose the New Sanctions against North Korea. [Image by White House/Wikimedia Commons]](https://staticr1.blastingcdn.com/media/photogallery/2017/8/17/660x290/b_502x220x82/the-un-made-vetoed-decision-to-impose-the-new-sanctions-against-north-koreaimage-by-white-house-maison-blanche-pete-souzawikimedia-commons_1517511.jpg "The UN made vetoed decision to impose the New Sanctions against North Korea. [Image by White House/Wikimedia Commons]")
North Korea's defiance in its nuclear missile program pushed the UN Security Council to formulate and implement harsher penalties to tame the rogue nation. The approval of the 15 Nation Council is a firm and bold move to teach NK's leadership and what the economic sanction could do its stubborn and arrogant negotiation method.
Members of UN Security Council
There are five permanent member nations of the UN Security Council namely the United Kingdom, The United States, China, France, and the Russian Federation. The ten other members are elected by the General Assembly every two years.
The present non-permanent members with their respective end term years are Bolivia (2018), Egypt (2017), Ethiopia (2018), Italy (2017), and Japan (2017). Kazakhstan (2018), Senegal (2017), Sweden (2018), Ukraine (2017), and Uruguay (2017).
UN economic sanctions
The United States Ambassador to the UN Nikki Haley patiently negotiated the punishment parameters with China, NK's primary trading associate, referring to the action as the most aggressive move in history given to a country. Hayley added that the sanctions would inflict deprivation to the NK leadership opted for its people.
President Donald Trump consistently is persuading China to impose stiffer punishment against its long time trade accessory.
China is now set to impose those penalties to North Korea.
Among the list of economic deprivations for imposition to the rogue nation is the prohibition of all exports of North Korean coal, iron, iron ore, lead, lead ore, and seafood. The UN Security Council resolution provides the new restrictions to its NK Foreign Trade Bank and bans the nation from adding workers it sends abroad, The New York Times reports.
The cost of sanctions to North Korea
Quantifying the sanctions could cost the North Korean economy to collapse. The revenues raked in last year in the banned exports category cost almost $2 billion, for humanitarian exceptions, a limit is allowable for coal exports. The foreign Trade bank that assists NK nuclear and missile program endorse over $1 billion in the previous year, constituting to up to one-third of its export revenues, reports The Atlantic.
The economic sanction is firm and significant with China's imposition of the penalties to its most worthy trading partner. The Chinese government is set to stop its export 500,000 tons of high-quality crude oil. Russia is also set to do the same.
North Korean labor exported to other countries will discontinue as one of the economic sanctions. The slave labor collects revenues from its workers deployed around the world. The funds received are substantial for the autocratic government needs is cash hungry government.
