China announces imposition of oil sanctions on North Korea from Oct 1

In comments to reporters in New York, North Korea's foreign minister said his country's leader is considering whether to demonstrate his ability to detonate a nuclear warhead aboard a missile sent above the Pacific Ocean.

Frustrated that China had not done more to rein in North Korea, the Trump administration considered new sanctions in July on small Chinese banks and other firms doing business with Pyongyang, two senior usa officials told Reuters.

This file photo shows a worker at a gas station in Pyongyang.

The United Nations agreed fresh sanctions - including the textiles and petroleum restrictions - in response. He says the US keeps pressing Russian Federation and China to do more to squeeze Pyongyang economically. Refined oil exports to North Korea from all United Nations members is capped at 500,000 barrels from October 1 to the end of the year and two million barrels annually from January 1, 2018. China has not issued official figures for its crude sales to its neighbor for several years. The most recent regulations capped fuel supplies to the state. "If Russia wants to restore its role as a credible actor in resolving the situation with North Korea it can prove its good intentions by upholding its commitments to establish global efforts on nuclear security and arms control". I hear more and more South Koreans calling for South Korea to go nuclear now and a similar movement could begin in Japan.

For the week, the dollar was still up more than 1 percent against the yen, having scaled a two-month peak of 112.725 after the U.S. Federal Reserve signalled that it was still on track to raise interest rates by the end of the year, and after the Bank of Japan maintained its bond-buying pledge.

She said Kim's aim in developing nuclear weapons is "to fulfill a long-term desire on the part of the North Korean regime to reunify the Korean Peninsula under the Kim family regime and proliferate these weapons and blackmail other countries".

Joint military drills by the United States and South Korea last month also prompted more anger in the North. Pyongyang has warned that Washington's provocations in the region could finally lead to a full-fledged nuclear confrontation.

Wang made no mention in his speech of U.S. President Donald Trump's announcement of new sanctions on Thursday that open the door wider to blacklisting people and entities doing business with North Korea, including its shipping and trade networks.

"We are about to run the most significant experiment in the use of secondary sanctions on North Korea to date, and perhaps the most significant such experiment with respect to any country ever", wrote Stephan Haggard, a North Korea expert at the University of California, San Diego.

"Combined with China's banking sector moving to close North Korean accounts, it's saying to the Trump administration - "don't hit our banks and SOEs with unilateral sanctions, we're complying with what we decided at the UN".

"The rationale for the pursuit for a nuclear and missile program is really associated with regime survival", Snyder said.

  • Rogelio Becker