Following footprint of UN sanctions, China restricts oil exports to North Korea
 Source : NewsBharati  Date : 24-Sep-2017

Beijing, September 24: China has decided to limit oil exports to North Korea under UN sanctions over its nuclear and missile development. China is North's last major trading partner, energy supplier and diplomatically.

China’s Commerce Ministry announced on Saturday that exports of refined petroleum to the Democratic People’s Republic of Korea (North Korea) will be restricted to 2 million barrels per annum, which comes into effect on 1 October.

Although North Korea buys most of its oil and gas from China, consumption estimates are low, according to AP. How effective the sanctions will be is uncertain. It emerged that the embargo does not affect crude oil supplies, which is by far the largest share of energy exports to the North.

The UN Security Council voted in September to restrict fuel supplies and ban North Korea’s textile exports. China agreed to the measure after the US tempered its initial suggestion of a total oil embargo.

China accounts for around 90 per cent of North Korea’s trade, with the US government’s Energy Information Agency estimating that the North’s imports amount to 5.5 million barrels of crude and 2.2 million barrels of refined oil products every year.

US President Donald Trump has made new threats against North Korea in response to the country's foreign minister's fiery speech at the UN on Saturday. The US president says North Korean leader Kim Jong-un "won't be around much longer" if they continue their rhetoric.