Artikel
Finding Loopholes in Sanctions: Effects of Sanctions on North Korea’s Refined Oil Prices
The international community’s sanctions against North Korea, triggered by North Korea’s nuclear tests and by missile development in the country, are considered the strongest sanctions in history, banning exports of North Korea’s major items and limiting imports of machinery and oil products. Accordingly, North Korea’s trade volume decreased to the level of collapse after the sanctions, meaning that the sanctions against North Korea were considered to be effective. However, according to this paper, which analyzed the price fluctuations of refined petroleum products in North Korea through the methodology of an event study, the market prices of oil products were only temporarily affected by the sanctions and remained stable over the long run despite the restrictions on the volumes of refined petroleum products introduced. This can be explained by evidence that North Korea has introduced refined oil supplies that are not much different from those before the sanctions through its use of illegal transshipments even after the sanctions. With regard to strategic materials such as refined oil, the North Korean authorities are believed to be desperately avoiding sanctions by, for instance, finding loopholes in the sanctions to meet the minimum level of demand.
- Language
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Englisch
- Bibliographic citation
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Journal: KDI Journal of Economic Policy ; ISSN: 2586-4130 ; Volume: 42 ; Year: 2020 ; Issue: 4 ; Pages: 1-25 ; Sejong: Korea Development Institute (KDI)
- Classification
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Wirtschaft
International Conflicts; Negotiations; Sanctions
Socialist Systems and Transitional Economies: Prices
Socialist Systems and Transitional Economies: Legal Institutions; Illegal Behavior
- Subject
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North Korean Economy
Economic Sanctions
Smuggling
Refined Oil Prices
Illegal Transshipment
- Event
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Geistige Schöpfung
- (who)
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Kim, Kyoochul
- Event
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Veröffentlichung
- (who)
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Korea Development Institute (KDI)
- (where)
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Sejong
- (when)
-
2020
- DOI
-
doi:10.23895/kdijep.2020.42.4.1
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Kim, Kyoochul
- Korea Development Institute (KDI)
Time of origin
- 2020
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