A delicate balancing act
The on-going conflict in Ukraine has sent shockwaves through global energy markets, impacting everything from international relations to commodity prices.
The Council of the European Union on Monday said it was aligning sanctions against North Korea in line with the latest UN resolution.
The restrictions, spearheaded by the US and backed unanimously by the UN Security Council — including China and Russia, were imposed in December 2017 in response to North Korea’s launch of a ballistic missile it said was capable of striking anywhere within the US, Efe news reported.
The measures adopted by the UN and put in place by the EU on Monday included “the strengthening of the export ban to the DPRK (North Korea) of all refined petroleum products by reducing the number of barrels that may be exported from 2 million barrels to 500,000 barrels per year,” a Council statement said.
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The sanctions also entailed a ban on imports from North Korea of other products, such as food, machinery, electronics, stone and wood, according to the statement, as well as a ban on exports to the Asian nation of industrial machinery and transportation vehicles.
All iron, steel and other metals would now be banned from exportation to North Korea, as per the UN guidelines.
Maritime restrictions would also be applied to any vessels believed to have breached UN rules.
The Council pointed out that a ban on the exportation of crude oil to North Korea had already entered into force on October 16, 2017.
“The EU has repeatedly expressed its expectation that the DPRK engage in a credible and meaningful dialogue aimed at pursuing the complete, verifiable and irreversible denuclearization of the Korean Peninsula,” the statement said.
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