North Korea faces a sharp cut in coal exports under a United Nations Security Council resolution that's aimed at punishing Kim Jong Un's regime for a September nuclear test by cutting off his government's few sources of hard currency.
The resolution, a copy of which was obtained by Bloomberg News, would deny Pyongyang at least $700 million a year, according to two State Department officials who asked not to be identified because the deliberations are private. Crucially, the proposal has the backing of China, which can veto any Security Council resolution and has been wary of strangling its isolated neighbor's economy given the turmoil that might follow.
The most significant measure, which is set for a vote Wednesday morning in New York, is a binding cap that would cut coal exports by 62 percent. It bans the export of nonferrous metals such as copper, nickel and silver, which gives Kim's regime another $100 million a year. It also seeks to block diplomats from smuggling illegal items or selling arms by, among other things, limiting accredited diplomats to one bank account each.