China Curbs Oil Product Exports to North Korea, Bans CondensateBloomberg News
China halted the outbound shipment of condensate and liquefied natural gas to North Korea from Saturday, and will limit exports of refined oil products from Oct. 1, the Ministry of Commerce said in a statement published late Friday. The world’s second-largest economy, which is North Korea’s largest trading partner and its main ally, also banned imports of textiles from the country, according to the statement.
The government acted after Trump ordered new sanctions on individuals, companies and banks doing business with North Korea, as he sought to further isolate the regime and increase economic pressure as a way to curb its weapons programs. The People’s Bank of China in a statement on Sept. 11 said it had instructed lenders and other financial entities to suspend accounts subject to sanctions under a United Nations Security Council resolution.
Under the terms of the resolution, member countries should cap refined oil-product exports to North Korea at 500,000 barrels from Oct. 1 to Dec. 31, and annual shipments should be limited to no more than 2 million barrels from Jan. 1, 2018, according to a Mofcom statement.
Trump has threatened to “totally destroy” North Korea if it provokes the U.S. or its allies and is continuing to use economic and diplomatic levers in his bid to curb the Pyongyang government’s nuclear and missile programs.
Kim responded to Trump’s remarks at the UN General Assembly in a statement on state media, calling the president "mentally deranged" and threatening to take the "highest level of hard-line countermeasure in history."
— With assistance by Tian Chen