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UN unanimously backs new sanctions on North Korea

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  • UN unanimously backs new sanctions on North Korea

The UN Security Council on Monday unanimously imposed new sanctions on North Korea, slapping a ban on textile exports and restricting shipments of oil products to punish Pyongyang for its sixth and largest nuclear test.

With backing from China and Russia, the council adopted a US-drafted sanctions resolution just one month after banning exports of coal, lead and seafood in response to North Korea’s launch of an intercontinental ballistic missile.

US Ambassador Nikki Haley said the tough new measures were a message to Pyongyang that “the world will never accept a nuclear-armed North Korea,” but she also held out the prospect of a peaceful resolution to the crisis.

“We are not looking for war. The North Korean regime has not yet passed the point of no-return,” Haley told the council.

“If it agrees to stop its nuclear program, it can reclaim its future. If it proves it can live in peace, the world will live in peace with it.

“If North Korea continues its dangerous path, we will continue with further pressure. The choice is theirs.”

The South Korean government welcome the resolution, calling it a “grave warning that (North Korea’s) continued provocations will only intensify its diplomatic isolation and economic pressure.”

“North Korea must realize that denuclearization is the only way to guarantee its security and economic development,” a statement added.

During tough negotiations, the United States dropped initial demands for a full oil embargo and a freeze on the foreign assets of North Korean leader Kim Jong-Un in a bid to win support from China and Russia.

The resolution instead bans textile exports, cuts off natural gas shipments to North Korea, places a ceiling on deliveries of refined oil products and caps crude oil shipments at their current level.

It bars countries from issuing new work permits to North Korean laborers sent abroad and seeks to phase out the practice by asking countries to report on the date for ending existing contracts.

Some 93,000 North Koreans work abroad, providing Kim’s regime with a source of revenue to develop its missile and nuclear programs, according to a US official familiar with the negotiations.

Under the measure, countries are authorized to inspect ships suspected of carrying banned North Korean cargo but must first seek the consent of the flag-state.

Joint ventures will be banned and the names of senior North Korean official and three entities were added to a UN sanctions blacklist that provides for an assets freeze and a global travel ban.

It was the eighth series of sanctions imposed on North Korea since it first tested a nuclear device in 2006.

– ‘Big mistake’ to avoid talks –

The United States and its allies argue that tougher sanctions will pile pressure on Kim’s regime to come to the negotiation table to discuss an end to its nuclear and missile tests.

Russia and China are pushing for talks with North Korea, but their proposal for a freeze on Pyongyang’s missile and nuclear tests in exchange for suspending US-South Korean military drills has been rejected by the United States.

Russian Ambassador Vassily Nebenzia told the council it would be a “big mistake to underestimate this Russia-China initiative” for a so-called freeze-for-freeze, adding that Moscow would “insist on it being considered.”

Chinese Ambassador Liu Jieyi again called for talks “sooner rather than later.”

China, North Korea’s sole ally and main trading partner, had strongly objected to an oil embargo initially sought by the United States out of fear that it would bring the North’s economy to its knees.

Instead, the level of crude oil is capped to the four million barrels it currently receives from a Chinese pipeline, while deliveries of refined oil products are limited to 500,000 barrels for three months from October 1 and to two million barrels from January 1 for a period of 12 months.

That would amount to a 10 percent cut in oil products, according to the US Energy Information Administration, which estimates annual exports to North Korea at nearly 2.2 million barrels.

The US official said the ban on textile exports would deprive North Korea of some $726 million in annual revenue.

Washington has said military action remains an option in dealing with Pyongyang and threatened to cut economic ties with countries that continue to trade with the it.

Earlier, North Korea said it would not accept any chastisement over its nuclear and missile program, which it says is vital to stave off the threat of an American invasion, and threatened to cause the US “the greatest pain and suffering it had ever gone through in its entire history,” in an official statement.

Pyongyang has staged a series of missile tests in recent months that appeared to bring much of the US mainland into range.

It followed up with a sixth nuclear test on September 3, its largest to date, which it said was a miniaturized hydrogen bomb.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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