|Video Courtesy of NTDTV |
South Korean President Lee Myung-bak announced several measures against the North on Monday during a televised speech, in response to confirmation that a North Korean torpedo sank the Cheonan, a South Korean naval vessel.The most punishing measure is the suspension of almost all trade between the rival countries. If the ban comes into force, North Korea will loose 14.5 percent of its external trade and $253 million in annual cash revenue, according to estimates from the Korea Institute for National Unification.
Another measure is prohibiting North Korean ships from passing through South Korea’s waters, forcing the North to use extra fuel by making detours.
“From now on, the Republic of Korea will not tolerate any provocative act by the North and will maintain the principle of proactive deterrence. If our territorial waters, airspace, or territory are violated, we will immediately exercise our right of self-defense,” said the president in his speech.
Lee Myung-bak also asked the United Nations Security Council to punish North Korea. U.N. Secretary-General Ban Ki-moon told the press that some measures must be taken, but did not provide any specifics.
