{"id":43463,"date":"2017-09-07T05:36:15","date_gmt":"2017-09-07T05:36:15","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=43463"},"modified":"2017-09-07T05:36:15","modified_gmt":"2017-09-07T05:36:15","slug":"north-korea-crisis-us-seeks-kim-jong-un-asset-freeze","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/news\/north-korea-crisis-us-seeks-kim-jong-un-asset-freeze.html","title":{"rendered":"North Korea crisis: The US seeks Kim Jong-un asset freeze"},"content":{"rendered":"

North Korea crisis: The US seeks Kim Jong-un asset freeze<\/span><\/strong><\/span><\/h2>\n

The US has proposed a range of new United Nations sanctions against North Korea, including an oil ban and a freeze on leader Kim Jong-un’s assets.<\/span><\/p>\n

The draft resolution circulated to the Security Council members comes after North Korea’s sixth nuclear test and repeated missile launches.<\/span><\/p>\n

Pyongyang also claims to have developed a hydrogen bomb and continues to threaten to strike the US.<\/span><\/p>\n

North Korea is already under highly restrictive sanctions imposed by the UN that are intended to force the leadership to curtail its weapons programmes.<\/span><\/p>\n

In August, a new round of sanctions banned exports including coal, costing North Korea an estimated $1bn (\u00a3767m) – about a third of its entire export economy.<\/span><\/p>\n

But some trade avenues remain open to it.<\/span><\/p>\n

The draft US proposal calls for a total ban on supplying a range of oil products to North Korea and a ban on its textile export industry.<\/span><\/p>\n

It also suggests freezing the assets of Mr Kim and the North Korean government, as well as banning him and other senior officials from travelling.<\/span><\/p>\n

North Korean labourers would also be banned from working abroad.<\/span><\/p>\n

Remittances from foreign earnings and textile exports are two of the most important remaining sources of income for North Korea.<\/span><\/p>\n

But the US is expected to face opposition from China and Russia, which both supply oil to North Korea and wield vetoes at the Security Council.<\/span><\/p>\n

Russian President Vladimir Putin has argued that the amount of oil his country exports to North Korea – some 40,000 tonnes – is negligible.<\/span><\/p>\n

“It is not worth giving in to emotions and driving North Korea into a corner,” he said.<\/span><\/p>\n

China is both North Korea’s and the US’ biggest trade partner, and has supported recent sanctions against it.<\/span><\/p>\n

But both China and Russia have been pushing for an alternative solution.<\/span><\/p>\n

They are proposing that the US and ally South Korea stop their military drills – which anger the North – and end the deployment of the controversial anti-missile Thaad system in South Korea, in return for Pyongyang ceasing its nuclear and missile programme.<\/span><\/p>\n

The proposal has been rejected by the US and South Korea.<\/span><\/p>\n

On Thursday, the South’s military announced it had completed the deployment of Thaad, reported Yonhap news agency.<\/span><\/p>\n

US President Donald Trump had previously warned the US could cut off trade with countries that do business with North Korea.<\/span><\/p>\n

The US has indicated that if the resolution is not passed when the Security Council meets next Monday it may impose its own sanctions unilaterally.<\/span><\/p>\n

Treasury Secretary Steve Mnuchin told reporters on Wednesday night: “We believe that we need to economically cut off North Korea.<\/span><\/p>\n

“I have an executive order prepared. It’s ready to go to the president. It will authorise me to… put sanctions on anybody that does trade with North Korea.”<\/span><\/p>\n

Mr Trump and Chinese President Xi Jinping also discussed North Korea over the phone on Wednesday, where they agreed to “take further action”, said a White House statement.<\/span><\/p>\n

The US president, who has previously threatened a military response to North Korea, told reporters this was was “not our first choice”, but did not rule it out.<\/span><\/p>\n

Mr Trump added: “President Xi would like to do something. We’ll see whether or not he can do it. But we will not be putting up with what’s happening in North Korea.”<\/span><\/p>\n

Chinese state news agency Xinhua reported that Mr Xi called for a “peaceful settlement of the issue” involving “dialogue combined with a set of comprehensive measures”.<\/span><\/p>\n

Source:-\u00a0http:\/\/www.bbc.com\/news\/world-asia-41182541<\/span><\/p>\n

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