Chinese authorities began prohibiting
\nmineral exports from North Korea on March 1st in a move not strictly related to
\nthe passing of UN Security Council Resolution 2270, which outlines sanctions
\nagainst North Korea. North Korean authorities and foreign-earning currency enterprises tied to the military did not see this move coming
\nand expressed embarrassment and shock. <\/p>\n
In a telephone conversation with the Daily Two separate sources, also based in North \u201cForeign-currency \u201cSome crafty business cadres raised the China participated North Korean traders therefore expected no Across the board, there are expectations of “short-term export restrictions,” but some have voiced concerns that the \u201cCoal and mineral exports have been an \u201cIf the long-term export restrictions On March 2, the United Nations Security Chinese authorities began prohibiting mineral exports from North Korea on March 1st in a move not strictly related to the passing of UN Security Council Resolution 2270, which outlines sanctions against North Korea. North Korean authorities and foreign-earning currency enterprises tied to the military did not see this move coming and expressed embarrassment and shock. […]<\/p>\n","protected":false},"author":122,"featured_media":32361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[645],"tags":[],"class_list":["post-32359","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"yoast_head":"\n
\nNK on March 4, a source from North Pyongan Province said, \u201cBeginning on March
\n1, mineral exports such as coal and ore have not been allowed to pass through
\nChinese customs into China. Trucks loaded with mineral deposits have been idly
\nwaiting in front of Chinese customs near Dandong. The foreign trading companies
\nare simply waiting for instructions from the higher authorities.\u201d<\/span> <\/p>\n
\nPyongan Province, verified these claims.<\/span><\/p>\n
\nearning companies began hearing rumors that mineral exports would be blocked
\nfrom entering China back in February, but they simply didn\u2019t believe it. The
\nauthorities did not make an official announcement or put forward a policy.
\nInstead, senior officials have simply remarked that it will be necessary to
\nstop exports of minerals for the time being,” the source continued.<\/span><\/p>\n
\npossibility of using sea-routes to smuggle the product in with Chinese foreign
\ntraders, but their Chinese counterparts rejected such proposals. Some North
\nKorean merchants have posited, \u201cMaybe they’re playing hardball to get us to
\nlower prices to rock bottom?\u201d <\/span> <\/p>\n
\nin United Nations sanctions after North Korea\u2019s first, second, and third
\nnuclear tests, she explained, but there was no special impact on trade. North Korean cadres
\nexpected that this time around would be no different and that the efficacy of
\nthe sanctions would eventually fizzle and fade to nothing.<\/span> <\/p>\n
\nsignificant difference as they sent mineral exports through the North Korean
\nborder town of Sinuiju into the Chinese city of Dandong. They were in for a
\nsurprise when the door was slammed shut. The regime has yet to come up with an
\neffective countermeasure or policy response, which cadres take as a sign that
\nthe road will open up again in the near future, according to the source. <\/span><\/p>\n
\nrestrictions might become long term. If developments continue down this road,
\nthe military foreign-currency earning enterprises and North Korean authorities
\nwho have been making a handsome profit on mineral exports are going to be given
\na significant blow.<\/span> <\/p>\n
\nimportant source of funding for the Korean Workers\u2019 Party. Kim Jong Un needs
\nforeign currency to prepare for the upcoming 7th Party Congress and companies
\nneed foreign currency in order to issue the bribes that guarantee their
\nsurvival. This turn of events comes as bad news to all of them. This might
\nforce authorities to turn to other sources of funding in order to ready for the
\n7th Party Congress, including perhaps illicit methods such as the smuggling and
\nselling of illegal drugs,\u201d she said.<\/span> <\/p>\n
\nbankrupt the mineral companies, many innocent workers will lose a source of
\nincome. Merchants and residents connected to the export companies in various
\nways will struggle to find new jobs. Kim Jong Un cannot discount the resentment
\nthat this will cause.\u201d<\/span> <\/p>\n
\nCouncil unanimously adopted a resolution which enacts strong sanctions
\nrequiring that all cargo exported from and imported to North Korea be
\ninspected. The resolution also bans the export of jet fuel, blocks the trade of
\nminerals, freezes financial assets, and restricts the trade of luxury items,
\netc.<\/span> <\/p>\n","protected":false},"excerpt":{"rendered":"