Qatar- U.N. Ban on Mineral Exports to Hurt N. Korea's Revenue: Seoul

2/27/2016 3:09:25 AM

(MENAFN- Qatar News Agency) Seoul February 26 (QNA) - North Korea's foreign currency earnings would be cut drastically if the United Nations adopts sanctions on the country's mineral exports the South Korean government said Friday.
The United States and China have agreed on a package of new sanctions against Pyongyang for its fourth nuclear test on Jan. 6 and long-range missile test on Feb. 7 according to Yonhap News Agency .
The reclusive country is banned from such tests under previous U.N. resolutions that seek to counter North Korea's development and proliferation of weapons of mass destruction.
The suggested sanctions include bans on North Korea's exports of mineral resources like coal iron and rare earth minerals as well as imports of aviation and rocket fuel supplies to the country.
If the resolution is adopted "it will cause a considerable disturbance to (North Korea's) foreign currency earnings" Unification Ministry spokesman Jeong Joon-hee said in a regular briefing.
"North Korea's exports of mineral resources to the outside are known to account for 40 percent of its total export earnings" Jeong noted.
The spokesman added that South Korea will start discussing the country's follow-up measures after the U.N. finalizes its resolution.
The proposed sanctions' ban on aviation fuel supplies would also compromise the communist country's capability to engage in local battles military and intelligence officials said.
"If the supplies of jet fuel supplies are axed it could dramatically cut North Korea's power to launch localized provocations or to engage in localized combat" one of the officials said asking not to be identified.
A shortage of aviation fuel may have the effect of thwarting North Korea's willingness to organize provocative actions toward the outside world another official noted.
North Korea is currently using JP-8 jet fuel or Jet Propellant 8 to power its aircraft and the type seems irreplaceable because of safety issues other sources said.
The kerosene-based JP-8 is similar to commercial planes' Jet A-1 fuel except for its addition of corrosion inhibitor and anti-icing additives. (QNA)

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