The following is a fact sheet prepared by the United States Mission to the United Nations about the sanctions recently adopted on North Korea.
Resolution 2371 (2017), adopted unanimously by the United Nations Security Council on August 5, 2017, strengthens UN sanctions on North Korea in response to its two intercontinental ballistic missile (ICBM) tests conducted on July 3, 2017 and July 28, 2017. As such, this resolution sends a clear message to North Korea that the Security Council is united in condemning North Korea’s violations and demanding North Korea give up its prohibited nuclear and ballistic missile programs.
Resolution 2371 (2017) includes the strongest sanctions ever imposed in response to a ballistic missile test. These measures target North Korea’s principal exports, imposing a total ban on all exports of coal (North Korea’s largest source of external revenue), iron, iron ore, lead, lead ore and seafood. Banning these exports will prevent North Korea from earning over a $1 billion per year of hard currency that would be redirected to its illicit programs. North Korea earns approximately $3 billion per year from export revenues. Additional sanctions target North Korea’s arms smuggling, joint ventures with foreign companies, banks, and other sources of revenue.
Resolution 2371 (2017) includes the following key elements:
Condemns North Korea July 3 and July 28 ballistic missile tests in the strongest terms, and reaffirms North Korea’s obligations not to conduct any further nuclear tests or launches that use ballistic missile technology, to abandon all nuclear weapons and existing nuclear programs in a complete, verifiable and irreversible manner, to suspend all activities related to its ballistic missile program, and to abandon all other WMD programs.
Imposes several full sectoral bans on exports North Korea uses to fund its nuclear and ballistic missile programs, namely:
A ban on its largest export, coal, representing a loss to North Korea of over $401 million in revenues per year;
A ban on iron and iron ore exports, worth roughly $250 million per year;
A ban on seafood exports, worth roughly $300 million in revenue each year; and
A ban on lead and lead ore exports, worth roughly $110 million per year;
Imposes additional restrictions on North Korea’s ability to generate revenue and access the international financial system, by:
Adding new sanctions designations against North Korean individuals and entities that support the country’s nuclear and missile programs, including the state-owned Foreign Trade Bank (FTB), which acts as North Korea’s primary foreign exchange bank, while protecting diplomatic, consular, and humanitarian activities.
Prohibiting all new joint ventures or cooperative commercial entities between North Korea and other nations, as well as ban additional investment in existing ones.
Banning countries from allowing in additional numbers of North Korean laborers who will earn revenue for the illicit programs.
Requests the Security Council’s North Korea Sanctions Committee to identify additional conventional arms-related and proliferation-related items to be banned for transfer to/from North Korea.
Enables the Security Council’s North Korea Sanctions Committee to designate vessels tied to violations of Security Council resolutions and prohibit their international port access.
Takes steps to improve sanctions enforcement, including by asking Interpol to publish Special Notices on listed North Koreans for travel ban purposes.
Provides additional analytical resources to the UN’s Panel of Experts to enhance its capacity to monitor sanctions enforcement.
Regrets North Korea’s massive diversion of its scarce resources toward its development of nuclear weapons and a number of expensive ballistic missile programs and expresses its deep concern at the grave hardship to which the people in North Korea are subjected;
Includes sanctions exemptions to make sure these measures do not impede foreign diplomatic activities in North Korea or legitimate humanitarian assistance.
Reaffirms the Council’s support for the Six Party Talks, calls for their resumption, reiterates its support for commitments made by the Six Parties, and reiterates the importance of maintaining peace and stability on the Korean Peninsula and in Northeast Asia.
Expresses the Council’s determination to take further significant measures if North Korea conducts another nuclear test or ballistic missile launch.
This resolution has two annexes. These are:
An annex of 9 North Korean individuals operating abroad as representatives of designated entities designated for targeted sanctions (asset freeze and travel ban);
Another annex of 4 North Korea commercial entities designated for an asset freeze.
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