The United Nations has agreed a new set of sanctions on North Korea, which while falling short of what was originally demanded by the US, constitute the strongest sanctions ever imposed on the country. The measures include a complete embargo on textile exports, a ban on employing more North Korean workers overseas, as well as strict limits on the amount of oil the North is allowed to import. Although the new sanctions are likely to cause significant economic damage, past experience suggests they are unlikely to bring Kim Jongun to the negotiating table. In fact, they could encourage the North to accelerate their nuclear weapons building programme. While we think a war on the Korean peninsula is unlikely, the crisis is unlikely to come to an end anytime soon.
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