China bans LNG exports to the North

Representational pic

Representational pic

China will restrict oil exports to and ban textile imports from North Korea, the commerce ministry announced today, as Beijing joined global efforts to enforce tighter UN Security Council sanctions on Pyongyang for its provocative nuclear and missile tests.

China now accounts for roughly 90% of North Korea's trade, making it a critical trading partner.

China also chose to limit exports of refined petroleum products to North Korea from October 1 in line with the export ceiling imposed under the UN Security Council Resolution No. 2375.

The spokesman said the reports are different from the facts.

China's Ministry of Commerce said in a statement on its website on Saturday that China would limit exports of refined petroleum products from October 1, and ban condensates and liquefied natural gas immediately.

Officials said, textiles are one of the last major sources of revenue following sanctions on other resources by the UN Security Council.

The ban on textile imports will be effective from today, it said.

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China will suspend such exports once the total exports approaches the ceiling.

On Thursday, US President Donald Trump ordered new sanctions that open the door wider to blacklisting people and entities doing business with the isolated nation, including its shipping and trade networks, further tightening the screws on Pyongyang's missile programme.

Tensions have been mounting on the Korean Peninsula as Pyongyang continues its missile and nuclear tests and the U.S. and its regional allies - South Korea and Japan - are holding drills in the area.

Japan's Kyodo News said Friday that China's four major banks have frozen all bank accounts of North Korean firms and individuals in Liaoning Province, the region where 70 percent of North Korea-China trade pass through.

North Korea's leader Kim Jong Un. Kim had previously described the usa president as a "mentally deranged dotard" in response to Trump's earlier, fiery speech at the UN.

In July, Beijing and Moscow proposed a "double-freeze" plan, which would see North Korea suspend its missile launches and nuclear tests in exchange for a halt in joint US-South Korea military drills.

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