On Sept. 11, the United Nations Security Council passed a resolution imposing new sanctions new sanctions on North Korea. The resolution was a watered-down version of the sanctions US officials had called for, limiting but not banning shipments of crude and products to the rogue state. Under the resolution, UN members are banned from exporting condensate or natural gas liquids to North Korea, and crude and product shipments to the country are to be limited to 500K bbl in 4Q 2017 and to 2MM bbl for all of 2018. The resolution leaves the door open for the security council to approve additional shipments on a "case-by-case basis" if the "livelihood" of the North Korean people is at risk.
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