China to Cut Oil Exports to North Korea

23 Sep 2017   China, North Korea

Petrol tankers queue up to transport crude oil at an oil-refining plant in China, a major oil supplier to North Korea. BEIJING—China said it will reduce oil exports to North Korea in accordance with United Nations sanctions , squeezing an important source of economic support as Pyongyang pushes to build up its nuclear arsenal. Starting Jan. 1, exports of refined petroleum to North Korea will be limited to 2 million barrels a year, while exports of natural gas will be banned entirely, the Commerce Ministry said in a statement posted on its website late Friday. China will also ban textile imports from North Korea, the ministry said, cutting off another key source of revenue for Pyongyang after Beijing banned imports of North Korean coal earlier this year. U.S. officials say North Korea earned $760 million last year by exporting textiles, the last major economic sector that hadn’t yet been […]

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