United Nations unanimously backs new sanctions on North Korea

Chancellor Angela Merkel says Germany will support an effort to hold talks with North Korea along the lines of the deal done with IranMore

Chancellor Angela Merkel says Germany will support an effort to hold talks with North Korea along the lines of the deal done with IranMore

Earlier in NY, the Security Council adopted Resolution 2375 that centers on putting caps on North Korea's imports of crude and refined petroleum products, which experts say will lead to around a 30 percent reduction in total supplies of oil-related products to the North.

Russian Federation and China both have veto power as permanent members of the Security Council and had expressed skepticism over the initial sanctions proposal.

The resolution takes aim at imports, Bloomberg reported, cutting off refined petroleum products to 2 million barrels a year while also banning textile exports. China supplies most of North Korea's crude.

The U.S. has also dropped its call for council authorization to interdict North Korean vessels, with military force if necessary, when inspecting them for suspected illicit cargo.

Although North Korean hackers' new emphasis on finances do mark a shift from their previous patterns of cyberespionage for traditional nation state activities, FireEye says this new activity is "not all that surprising" given North Korea's position as a "pariah nation cut off from much of the global economy" and a country that "employs a government bureau to conduct illicit economic activity".

Rumors circulate inside the North that China will ban its oil exports to the North, and this has led to a price hike, the broadcaster said. Last year, the country's textile industry brought in almost a billion dollars in revenue.

Beijing and Moscow have called for a resolution that focuses on a political solution and proposed a freeze-for-freeze that would halt North Korean nuclear and missile tests in exchange for the US and South Korea stopping their joint military exercises.

North Korea warned earlier Monday that the United States will pay "a heavy price" if the U.N. Security Council approves more sanctions against Pyongyang.

US Ambassador Nikki Haley welcomed the sanctions and said that this was a message to the recluse nation that "the world will never accept a nuclear-armed North Korea".

North Korea was condemned for its latest nuclear test in September, which it said was of an advanced hydrogen bomb.

"The North Korean regime bears full responsibility for the measures that the U.N. Security Council has enacted today", he added.

Likewise, Kang said the government is not considering the redeployment of American tactical nuclear weapons to the Korean Peninsula.

"We don't take pleasure in further strengthening sanctions today", said Haley.

The resolution does add new language urging "further work to reduce tensions so as to advance the prospects for a comprehensive settlement".

Local news reports said that in May Yapizon had more than 3,800 bitcoins worth $15 million stolen - although FireEye said there were no clear indications of North Korean involvement in that case.

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