EU to prohibit investment in North Korean Industries
The European Union today extended sanctions aimed at punishing North Korea for its nuclear and ballistic missile programmes, banning the import of textiles from the pariah state and limiting sales of crude oil.
Why there is need of such measure?
The actions of the DPRK violate multiple UNSC resolutions and constitute a grave threat to international peace and security in the region and beyond.
What is North Korea’s reaction?
The North reacted furiously when the United Nations approved the new measures, saying its response would make the United States suffer “the greatest pain it has ever experienced in its history.
Highlights of the sanction
- The sanctions include a ban on the sale of natural gas liquids to North Korea and limitations to the sale of crude oil and refined petrol products.
“In addition, member states will not provide new work authorisations to DPRK nationals to enter and work in their territory as they are suspected of generating revenue which is used to support the country’s illegal nuclear and ballistic missile programmes.
- EU members also want to blacklist more North Korean individuals and entities, a move that would freeze their assets in the bloc and ban them from entering its territory.
The measures are set to be formally approved by a meeting of European foreign ministers next week.
Democratic People’s Republic of Korea
North Korea, officially the Democratic People’s Republic of Korea (abbreviated DPRK), is a country in East Asiaconstituting the northern part of the Korean Peninsula.
It is bordered to the south by South Korea, with the heavily fortified Korean Demilitarized Zone (DMZ) separating the two. Nevertheless, North Korea, like its southern counterpart, claims to be the legitimate government of the entire Korean peninsula.
In 1910, Korea was annexed by the Empire of Japan. After the Japanese surrender at the end of World War II, in 1945, Korea was divided into two zones, with the north occupied by the Soviets and the south by the Americans.