Merkel suggests Iran-style nuclear talks to end North Korea crisis

Merkel suggests Iran-style nuclear talks to end North Korea crisis

"The DPRK is ready and willing to use any form of ultimate means", the statement said, referring to the country by its official name the Democratic People's Republic of Korea (DPRK). North Korea gets almost all of its oil supply from China, with a much smaller amount coming from Russian Federation or the open market.

The UN Security Council is scheduled to vote on a watered-down sanctions resolution against North Korea that eliminates USA demands to ban all oil imports to the country and freeze global assets of the government and its leader.

The resolution to be voted on represents a swift response to North Korea's recent nuclear test, which it says was a hydrogen bomb, and to its escalating launches of increasingly sophisticated ballistic missiles it says can reach the United States.

A man watches a TV news program on a public screen showing an image of North Korean leader Kim Jong Un while reporting North Korea's possible nuclear test in Tokyo Sunday, Sept. 3, 2017. Some observers say the USA could then lay the blame on them and launch tough unilateral sanctions against the North, including a secondary boycott.

"We have been in consultations that oil has to be part of the final sanctions", South Korean Foreign Minister Kang Kyung-wha told a news conference, saying Pyongyang was on a "reckless path". The new draft would add only one person to the sanctions list - Pak Yong Sik, a member of the Workers' Party of Korea Central Military Commission, which controls the country's military and helps direct its military industries.

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It will also be a disappointment to South Korea, which has sought tough new sanctions that would be harder for Pyongyang to ignore, as it said dialogue remained on the table.

The draft text still proposes a ban on textile exports, which were North Korea's second-biggest export after coal and other minerals in 2016, totaling $752 million, according to data from the Korea Trade-Investment Promotion Agency.

South Korea deployed four additional units of the Terminal High Altitude Area Defense (THAAD) system on Thursday after the North's latest nuclear test.

Europe should stand united in trying to bring about a diplomatic solution and "do everything that can be done in terms of sanctions", she said.

Outright military conflict on the Korean peninsula is unlikely but prolonged tension could undermine business and consumer sentiment, Fitch said.

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