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Russia continues to supply oil to North Korea, despite the UN ban


Marec, 26 2024
watermark Economic news

This month, at least five North Korean tankers with petroleum products were spotted leaving the Vostochny port in the Russian Far East, according to satellite images provided by the British analytical center Royal United Services Institute.


The first confirmed cases of sea shipments from Russia to the DPRK were recorded on March 7. Up to this point, a strict ban on oil supplies, imposed by the UN Security Council in 2017 in response to Pyongyang's nuclear tests, had been in effect. It is worth noting that Moscow has also supported these restrictions. 


All vessels flying the flag of North Korea and classified as tankers for the transportation of petroleum products have moored at the terminal of the Russian oil company in the Vostochny port. Satellite images confirmed that two of these vessels later sailed to the North Korean port of Chongjin, where they allegedly unloaded.


Hugh Griffiths, former coordinator of the UN group monitoring sanctions against North Korea, noted that this situation is a clear violation of sanctions and indicates a «clear agreement on barter – weapons in exchange for oil.»


Researchers from RUSI estimated that oil supplies from the Vostochny port in a few weeks could amount to 125 thousand barrels of petroleum products – a quarter of the annual allowed quota.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.