Seoul's Foreign Ministry says it believes the new UN Security Council sanctions will slash North Korea’s foreign currency earnings through exports by about 250 million dollars.
 
That amounts to around ten percent of the North’s annual exports, according to the ministry.
 
In September, the Security Council imposed an annual cap of two million barrels of supply of refined petroleum products to the North from the previous four-point-five million.
 
The new resolution has cut this further to 500-thousand barrels a year.
 
This restriction is expected to severely reduce North Korea's export and import volume.
 
A foreign ministry official said the consecutive restriction caps will likely result in a 90 percent reduction in the North’s oil supply.
 
The new resolution also requires UN member nations to repatriate North Korean workers within 24 months.
 
The official said that if this measure is fully implemented, the North is expected to see a reduction in earnings of anywhere between 200 and 500 million dollars.
 
Other analysis shows North Korea could suffer losses of 450 to 750 million dollars resulting from sanctions on overseas labor and shipments alone. 
 

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