• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 33 mins WTI @ $75.75, headed for $64 - 67
  • 3 hours The Dirt on Clean Electric Cars
  • 46 mins Petrol versus EV
  • 22 mins EU to Splash Billions on Battery Factories
  • 7 hours These are the world’s most competitive economies: US No. 1
  • 7 hours The end of "King Coal" in the Wales
  • 17 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 15 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 6 hours E-mopeds
  • 16 hours Coal remains a major source of power in Europe.
  • 6 hours 10 Incredible Facts about U.S. LNG
  • 24 hours Poland signs 20-year deal on U.S. LNG supplies
Alt Text

The Implications Of A Fractured U.S., Saudi Alliance

With tensions between the United…

Alt Text

Kazakhstan’s Fuel Crisis Is A Thing Of The Past

As whispers of oversupply begin…

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Trending Discussions

Chinese Ships Caught Illegally Selling Oil To North Korea

China NK

According to South Korea's Chosun Ilbo, U.S. recon satellites have photographed around 30 illegal transactions involving Chinese vessels selling oil to North Korea on the West Sea in October. The images allegedly showed large Chinese and North Korean ships transacting in oil in a part of the West Sea closer to China than South Korea. The satellite pictures even showed the names of the ships.

(Click to enlarge)

A government source said, “We need to focus on the fact that the illicit trade started after a UN Security Council resolution in September drastically capped North Korea’s imports of refined petroleum products.”  Meanwhile, on paper, China’s trade with North has recently collapsed after U.S. President Donald Trump unleashed a barrage of sanctions in September targeting North Korea’s imports of refined petroleum products.

Back in November, the US. Treasury Department sanctioned an additional six North Korean shipping and trading companies and 20 of their ships after the satellite pictures surfaced. In the above picture, the North Korean ship named Ryesonggang 1, was easily identified and connected to the illegal sale of oil from China.

According to Chosun Media, "the department noted that the two ships appeared to be illegally trading in oil from ship to ship to bypass sanctions."

Ship-to-ship trade with North Korea on the high seas is forbidden in UNSC Resolution 2375 adopted in September, but such violations are nearly impossible to detect unless China aggressively cracks down on smuggling.   

Last month, the Communist Party spokespeople slammed new U.S. sanctions targeting Chinese traders doing business with North Koreans, calling them “wrong”. At this point, it’s still unknown if the Chinese government is turning a blind eye to the illegal open sea transactions with North Korea, but as of today it seems as a blatant snub to the Trump administration.

Meanwhile, as President Trump and the U.S. celebrate last week’s latest round of new sanctions for North Korea at the UN, the likelihood of illegal smuggling routes between the two countries will surely expand. The question then is with all diplomatic avenues exhausted and China violating a UNSC resolution, what happens next?

By Zerohedge.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment
  • Tom on December 28 2017 said:
    China just cut itself out of the partition of North Korea between USA and Russia.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News