12001. Effects of Sanctions on North Korea’s Refined Oil Prices
- Author:
- Kyoochul Kim
- Publication Date:
- 09-2021
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- During 2016 and 2017, North Korea conducted three nuclear tests and four missile launches, and, in response, the international community strengthened its sanctions against North Korea. The sanctions were aimed at deterring North Korea from developing nuclear weapons; the means to achieve this included blocking the inflow of foreign currency into North Korea and banning the import of goods related to its nuclear development efforts. Specifically, the sanctions against North Korea banned the exports of anthracite, processed garments, and marine products to limit its foreign currency acquisition; they banned the import of machinery; and they limited the amount of oil (crude oil and refined oil products) introduced, thus hurting its economy.
- Topic:
- Oil, Sanctions, Weapons, and Trade
- Political Geography:
- Asia and North Korea