UN tightens squeeze on North Korea

The United Nations Security Council has approved new sanctions to punish North Korea for its latest missile and nuclear tests.

Dr Matthew Partridge
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published
in Features

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The UN Security Council voted for tougher sanctions on North Korea
(Image credit: 2017 Getty Images)

The United Nations Security Council has approved new sanctions to punish North Korea for its latest missile and nuclear tests. The measures include cutting imports of refined petroleum products to two million barrels a year and banning textile exports, reports Bloomberg's Kambiz Foroohar. The fact that they were able to persuade Russia and China to agree to the restrictions will allow the US "to claim victory". However, the measures fall short of the "ban on oil and a freeze on Kim [Jong-un]'s assets abroad" the US had sought.

The sanctions are a definite improvement on the previous arrangements, says Kim Sengupta on Independent.co.uk, but the "hyperbole" used by Trump and US Ambassador Nikki Haley has meant that the final deal is now "viewed as a setback for Washington". Meanwhile, the US's military options against North Korea are limited and none are risk-free. Overall, it looks like "North Korea's leader appears to be safe for the time being".

However, let's not overestimate North Korea's leverage, says Ken Fisher in the Financial Times. "Having intercontinental ballistic missiles doesn't mean he can penetrate US missile defences." Indeed, "intelligence experts largely agree he lacks atmospheric re-entry technology, likely taking any continental hit off the table". China's refusal to block the sanctions show that its leader "is becoming an increasingly isolated figure on the world stage". Finally, note that "North Koreans must be tired of living in abject poverty". The impact of the sanctions "could be fertile soil for the revolution Kim dreads".

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Dr Matthew Partridge
Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri

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