By Kang Hyun-kyung
Staff reporter
Foreign Minister Yu Myung-hwan called for the restriction of cash flow into North Korea, Tuesday, as an effective tool to stop Pyongyang from continuing with its nuclear ambitions and prevent further military provocations.
His remarks came after Seoul launched a campaign to take Pyongyang to the U.N. Security Council (UNSC) in the wake of the sinking of a South Korean Navy ship on March 26.
In an interview with BBC, Minister Yu said South Korea will send a clear message to North Korea that it will pay a price for its unacceptable behavior.
"If cash inflow into North Korea is restricted, it will lower the possibility of nuclear weapons development (in the North) and deter belligerent behavior," Yu said.
His warning came after a multinational investigative team concluded that North Korea torpedoed the warship Cheonan near the maritime border in the West Sea.
The maritime disaster killed 46 sailors. Scores of survivors suffered from post-traumatic stress disorders including amnesia, a sense of guilt and anxiety.
Minister Yu stressed the need for punitive actions at the international level.
"We will hold North Korea accountable for its wrongdoing through all peaceful means and let it be known that provocations come with a price," he said.
South Korea demanded that the North apologize for the provocation and promise not to commit such a belligerent act again. As a diplomatic solution, Seoul is seeking to refer the tragedy to the UNSC.
Regarding the status of this plan, the Ministry of Foreign Affairs and Trade said that details of the South Korea-led campaign, such as when and how to take the case to the UNSC, have not been decided.
To make the punitive action work, the South has to persuade China, a veto-wielding permanent UNSC member, to support the plan.