August 4, 2017 / 7:15 PM / a year ago

Draft U.N. resolution would slash North Korea exports by a third - diplomat

UNITED NATIONS (Reuters) - A U.S.-drafted United Nations Security Council resolution aims to slash by a third North Korea’s $3 billion (2.3 billion pounds) annual export income by banning the country’s exports of coal, iron, iron ore, lead, lead ore and seafood, a council diplomat said on Friday.

FILE PHOTO - A North Korean flag flies on a mast at the Permanent Mission of North Korea in Geneva October 2, 2014. REUTERS/Denis Balibouse/File Photo

The diplomat, speaking on condition of anonymity, said there was a “high confidence” that Russia and China would support the draft resolution.

The United States is aiming for a vote on Saturday to impose the stronger sanctions over North Korea’s two intercontinental ballistic missile (ICBM) tests in July, diplomats said. A resolution needs nine votes in favour, and no vetoes by the United States, China, Russia, France or Britain, to be adopted.

The draft resolution would also prohibit countries from increasing the current numbers of North Korean labourers working abroad, ban new joint ventures with North Korea and any new investment in current joint ventures, said the diplomat.

Reporting by Michelle Nichols; Editing by James Dalgleish

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