The sanctions on the Foreign Trade Bank have been keeping North Korea “from honouring its obligation as a UN member state by hindering even normal activities such as payment of the UN contribution,” the North Korean mission said in a statement in February. That same month, US President Donald Trump said the “largest ever” round of sanctions had been placed by the US on 50 North Korean companies, shipping vessels, and trade-related businesses.
The latest UN sanctions impose caps on North Korea’s oil exports, bans all textile exports, and no country is allowed to issue work permits to those holding North Korean passports. Countries will also be allowed to freeze assets of cargo ships if they refuse to undergo inspections. Originally – before negotiations with China and Russia – the US had wanted to freeze all of Mr Kim’s assets, impose a travel ban on him, and have a total ban on oil imports.