UN Security Council imposes new sanctions on North Korea

United Nations (CNN)The United Nations Security Council on Saturday passed a resolution imposing new sanctions on North Korea for its continued intercontinental ballistic missile (ICBM) testing and violations of UN resolutions.

With 15 votes in favor, Resolution 2371 was passed unanimously.

The resolution targets North Korea's primary exports, including coal, iron, iron ore, lead, lead ore and seafood. The sanctions also target other revenue streams, such as banks and joint ventures with foreign companies.

The sanctions will slash North Korea's annual export revenue of $3 billion by more than a third, according to a statement from the office of Nikki Haley, the US ambassador to the United Nations.

The resolution represents "the strongest sanctions ever imposed in response to a ballistic missile test," the statement said.

US President Donald Trump, vacationing in New Jersey, tweeted his approval: "The United Nations Security Council just voted 15-0 to sanction North Korea. China and Russia voted with us. Very big financial impact!"

Trump has been critical of UN performance in the past but was glad to see China and Russia join with the United States to condemn and crack down on the moneymaking ventures that fuel North Korea's outlawed missile expansion program.

As for what's next, Haley said, it's "completely up to North Korea."

Two recent ICBM launches by North Korea prompted a call for action by many UN members, and Haley said the resolution includes "one of the strongest sanctions that's have been passed in a generation."

The council measured the impact in a big round number: $1 billion in key exports from North Korea to be banned under new international law. From seafood to coal, the resolution demands a shutoff of some of the ways that the reclusive regime makes valuable hard currency to fuel its rising ballistic missile and nuclear industry.

News Courtesy: www.cnn.com