New sanctions target North Korean oil, gas, textiles

The UN Security Council approved new sanctions against North Korea on Monday in response to its Sept. 3 nuclear test. The United States proposed a complete ban on oil imports, but the sanctions merely cap them at 4 million barrels, the same level they have been at for the past 12 months. The sanctions also ban imports of natural gas liquids and condensates and prohibit textile exports from North Korea. Experts say the oil and gas limits will likely have a minimal effect on the North Korean economy because the country is assumed to have substantial stockpiles of fuel on hand. “This will cut deep,” U.S. Ambassador to the UN Nikki Haley said after Monday’s vote. “They give us a much better chance to halt the regime's ability to fuel and finance its nuclear and missile programs.”