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US to Propose Toughest Sanctions Yet Against North Korea

Jacob Wohl

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Monday the UN Security Council is set to vote on the strongest sanctions yet proposed by the United States against North Korea. The new resolution introduced by the Trump administration is attempting to cut off North Korea’s energy imports, textile exports and North Korea’s ability to send workers abroad, according to a leaked draft.

North Korea says that the United States would pay a “due price” for efforts to undermine the Kim regime with sanctions.

The new draft of sanctions leaves out an oil embargo, in an apparent attempt to appease the China and Russia, who both have veto power in the UN Security Council.

If passed, the ban on textile exports would likely be extremely damaging to North Korea. Textiles are North Korea’s second largest export after minerals/coal, totaling $752 Million in 2016, according to a report from The Japan Times.

In response to news of the new draft of sanctions, North Korea released a further statement, saying   “The world will witness how the DPRK tames the U.S. gangsters by taking a series of actions tougher than they have ever envisaged”.

A specific measure against importing oil to North Korea would essentially be a sanction against China, which imports 520K tons of crude oil to the North each year. China would be sure to veto such sanctions.

The other key issue is enforcement. Many sanctions leveled against North Korea have proven to be unenforceable without cooperation from China and Russia, which share borders with North Korea.

Without a blockade which is enforced with military force, sanctions will likely continue to prove futile against the North. China and North Korea have both made clear that anything resembling a military blockade of North Korea would be considered an act of war.

Jacob Wohl is the CEO and Head of Fixed Income and Interest Rates for Montgomery Assets, a proprietary trading and asset management firm based in Los Angeles, CA. Jacob Wohl is the host of the Offended America Podcast

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