Home Business China bans textile trade & limits its oil trade with North Korea:

China bans textile trade & limits its oil trade with North Korea:

In an official announcement, China said that it will no longer offer oil supply or buy textile from the politically isolated nation, North Korea.

China is known to be the biggest trading partner of North Korea and also the sole source of hard currency.

The ban laid on the textile buying will hit Pyongyang’s income significantly while the China’s oil export serves as the main source of the petroleum product.

These are some of the tougher instances that followed the North Korea’s nuclear test earlier this month.

The United Nations has agreed to the fresh sanctions including the recent ban on textile buying and oil exports by China in response to the nuclear test.

The statement further clarified that this ban will be imposed from October 1st on refined petroleum products while will be of an immediate effect on liquefied natural gas.

China and Russia showed a disagreement to the proposal of United States to ban oil exports but with time they have agreed to it.

North Korea has limited energy production of its own.

As reported by AFP News, the petrol prices in Pyongyang have risen by 20% in the last two months.

“It was $1.90 yesterday, today it is $2,” a petrol station employee told the agency. “I expect the price will go up in the future.”

The North Korea’s foreign minister is likely to speak at the United Nations General Assembly later on Saturday. This will come between the word fight between, Donald Trump and Kim Jong-un.

The North Korean leader earlier labeled Mr. Trump “mentally deranged” and a “dotard” while Mr. Trump labeled Mr. Kim a “madman” in response.

Sergei Lavrov, the Russian Foreign Minister commented on this and said, “like when children in a kindergarten start fighting and no-one can stop them“. He said someone is needed “to calm down the hotheads”.

 

 

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