China and Russia accept sanctions against North Korea

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The UN Security Council has unanimously adopted a US-drafted resolution imposing new sanctions on North Korea following its sixth and largest nuclear test.

As the UN Security Council voted to apply more economic pressure against North Korea on Monday, Russian smugglers have been shipping petroleum and other goods to the regime, U.S. officials said in a Washington Post report.

This was the product of negotiations with China, the key player here and North Korea's main trading partner, as well as with Russian Federation and the other Security Council members.

It then reportedly grew by almost 40 percent in the first quarter of 2017 compared to the same period in 2016, despite the adoption of particularly harsh United Nations sanctions in 2016 (resolutions 2270 in March and 2321 in November). Any lasting solution to the Korean problem will require greater trust between China and the United States and sustained negotiations between all interested parties on long term security for the peninsula.

"China is consistently committed to the denuclearization of the Korean peninsula, to the peace and stability of the peninsula and to the solution of the issue through dialogue and consultation", said Chinese Ambassador to the UN Liu Jieyi after the vote.

"We think it's just another very small step", Trump told reporters at the White House one day after the Security Council's unanimous vote.

"Chinese banks restricting financial flows between (China and) North Korea is actually restricting trade on the whole", Zhang said. "The forthcoming measures. will make the US suffer the greatest pain it ever experienced in its history". The new measures include limiting North Korea's imports of petroleum products and banning textile exports.

Rajiv Biswas, Asia Pacific chief economist for IHS Markit, also said he expects that Pyongyang can weather the import reduction.

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Meanwhile, U.S. President Donald Trump has vowed not to allow North Korea develop any missile system or weapons that can be deployed to mainland United States of America.

"The DPRK is ready and willing to use any form of ultimate means. But those sanctions are nothing compared to what ultimately will have to happen".

"This poses a threat to the security of regional countries such as China and Russia", Chinese state media said.

In January 1990, Kim Jong-il put a gun and a stash of US dollars on the table and asked the executives of the Workers' Party Central Committee which one they would choose.

China's United Nations ambassador, Liu Jieyi, said Beijing has been making "unremitting efforts" to denuclearize and maintain peace and stability on the Korean Peninsula. But she also held out the prospect of a peaceful resolution to the crisis. "Make no mistake about it, our firmness today is our best antidote to the risk of war, to the risk of confrontation, and our firmness today is our best tool for a political solution tomorrow", he said.

When he spoke to ValueWalk hours before the UN's meeting on Monday, a former U.S. Department of State diplomat specializing in North Korea reminded us that Pyongyang has "a pattern of making bellicose threats toward Washington and Seoul that Pyongyang has no intention of actually implementing".

It's just the latest example of the illicit ways North Korea allegedly brings in money as it endures wave after wave of increasingly tough worldwide sanctions over its rapidly advancing nuclear weapons program.

The U.S., along with other major powers including Japan, had reacted with both alarm and outrage when the Pyongyang government conducted another test that showed the successful deployment of a hydrogen bomb on an intercontinental ballistic missile (ICBM).

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