World

Diplomat: $1 billion in NKorea exports would be banned by UN

A Security Council diplomat says a proposed U.N. sanctions resolution would ban North Korea from exporting coal, iron, lead and seafood worth a total of about $1 billion.

The diplomat, who was not authorized to speak publicly, said Friday the draft resolution would also ban countries from giving additional permits to North Korean laborers — another source of money for Kim Jong Un's regime.

The United States drafted the initial resolution and spent several weeks negotiating the text with China. The diplomat said the resolution will likely be put in a final form later Friday with a vote "imminently."

The diplomat said the draft resolution would add additional names to the U.N. sanctions blacklist including the Foreign Trade Bank, which is a major clearing house.