N. Korea to lose one third of export revenue under draft U.N. resolution: reports

WASHINGTON-- North Korea would lose a third of its export revenue under a draft U.N. Security Council resolution unveiled Friday, according to news reports.

The U.S. and China have been negotiating a resolution that will impose fresh sanctions on Pyongyang for its two intercontinental ballistic missile tests last month.

"We tabled a U.N. Security Council Resolution and hope for adoption as soon as possible," a U.S. official told Yonhap on the condition of anonymity.

Washington circulated a draft resolution to all 15 members of the council on Friday, the reports said, citing a council diplomat. It is expected to be put to a vote Saturday, according to the AFP.

The measures include a ban on North Korea's exports of coal, iron, lead and seafood, which would slash the country's annual export revenue from US$3 billion to $1 billion.

The proposal also calls for a ban on new joint ventures with North Korean companies and prohibits additional permits for North Korean workers abroad.

While the sanctions are designed to starve the regime in Pyongyang of resources to develop its nuclear and missile programs, they do not include restrictions on supplies of oil, the reports said, citing Russian opposition to measures that could worsen the humanitarian crisis there.

In order to pass, the new resolution will require nine votes in favor, and no vetoes from the five permanent council members -- the U.S., China, Russia, France and Britain.

On Wednesday, the U.S. slapped separate sanctions against the North. The communist country, which is already under numerous sanctions for its five nuclear tests and two previous long-range missile launches, denounced the move as an "outrageous and unlawful" act that only justifies its development of nuclear weapons.

Source: Yonhap News Agency

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