China tightens crude oil supplies to North Korea in new sanctions
New limits in response to a UN Security Council resolution against Pyongyang’s latest missile launch
China’s Ministry of Commerce has announced new limits on critically important oil supplies to North Korea, as well as new restrictions on refined oil products, steel and other metals.
The caps take effect on Saturday and limit North Korea to 4 million barrels of crude oil for the 12 months from December 23, 2017.
The announcement is China’s execution of a UN Security Council resolution last month unanimously approving new punitive measures on North Korea for an intercontinental ballistic missile test on November 29.
As well as the restrictions on crude oil, the resolution prohibits nearly 90 per cent of refined petroleum exports to North Korea by capping them at 500,000 barrels a year. In sanctions announced in September, China limited refined petroleum exports to North Korea to 2 million barrels.
Under the new measures, all Chinese firms exporting refined petroleum products to North Korea must submit documentation to customs authorities detailing that the shipments comply with the UN sanctions.
China accounts for almost all of its neighbour’s energy supplies and has been under pressure to show its commitment to United Nations sanctions after reports that Chinese-owned vessels improperly traded with North Korean ships.
