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China Fully Suspends Exports of Iron, Industrial Equipment to N Korea

Sputnik News

15:03 05.01.2018(updated 17:05 05.01.2018)

North Korean trade volume with China, the country's biggest trade partner, slumped this year amid several rounds of sanctions imposed by the United Nations in response to Pyongyang's multiple missile and nuclear tests.

China will curb exports of oil and will completely stop exporting metals, industrial equipment, as well as transportation means to North Korea in line with UNSC resolution 2397, the country's Ministry of Commerce said Friday.

"As part of the implementation of the UN Security Council Resolution 2397, since the publication of this decree, the export of iron, steel and other metals, as well as industrial equipment and vehicles, to North Korea will be completely stopped," the ministry said in a statement.

According to the statement, the exports of raw and refined oil will be reduced to volumes allowed by the resolution.

At the same time, China has fully halted imports of grain, agricultural products and timber from North Korea within the framework of the implementation of the resolution, the statement added.

"Since this decree's entry into force, imports of grain and agricultural products, alumina, building stone, timber and electrical equipment from North Korea will be fully ceased," the document, released on the ministry's website, read.

The ministry noted that imports of the above-mentioned goods could be allowed if relevant trade agreements had been signed before December 23, 2017, when the UN Security Council resolution had been adopted, adding that all customs procedures should be completed until January 22, 2018.

Starting January 23, 2018, any customs procedures on imports of these goods will be halted, and they will be added to the list of goods banned for imports, according to the ministry.

"From December 23, 2017 to December 22, 2018, within the 12 months, the export of oil of each UN member state should not exceed 4 million barrels or 525,000 tonnes of oil," the statement said.

The latest UN sanctions were introduced last month in response to North Korea's recent missile launch, limiting North Korea's oil dealings to 4 billion barrels per year and making oil product exporters working with the country to report on their deliveries to the UN Security Council.

Following the adoption of the UNSC resolution on North Korea, China called on all the parties concerned to show restraint and undertake joint efforts in order to de-escalate tensions on the peninsula.

Sputnik



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