Business News

BEIJING, Sept 23, (APP/AFP) – China will limit exports
of refined petroleum products to North Korea starting October 1, its commerce ministry said, confirming Beijing’s participation in new UN sanctions intended to rein in its rogue neighbour.
The United Nations Security Council, including permanent member Beijing, approved tough sanctions against Pyongyang last week in response to its sixth and most powerful nuclear test.
Washington had initially sought a full oil embargo, but softened its stance to secure backing from Russia and China, the North’s sole ally and main trading partner.
In a statement posted to its website late Friday night, the ministry
reiterated the terms of the latest resolution, writing that as of October 1, UN member states would not export more than 500,000 barrels of refined petroleum products to the North, a cap raised to 2 million starting next year.
“Chinese government authorities will issue a notice based on the export situation when approaching the upper limit, and from that date implement a prohibition on exports of refined oil products to North Korea for the year,” it said.
It added that China has issued a “comprehensive ban on imported textiles” from North Korea.