North Korea has reportedly sold its fishing rights in both the West and East Sea for $75 million to China, intelligence sources revealed on Thursday.

Intelligence officials believe that North Korea decided to sell its fishing rights in coastal waters on both sides of the peninsula as its resources have dried up under the pressure of international sanctions. The money earned from the deal allegedly all went to North Korea's leader Kim Jong-un's regime, The Chosunilbo reported.

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According to the National Intelligence Service, last month, Pyongyang sold its fishing rights in the northern part of the de facto maritime border in the West Sea for $30 million. However, this is the first instance such a move has been reported in the East Sea, Korea Times reported.

"The country has been handing out such rights in the East and West seas to Chinese fishermen through brokers although it is speculated that North Korean authorities will engage in sales directly in the future," a source said. He, however, failed to clarify if the fishing rights are granted permanently or need to be renewed periodically.

Meanwhile, UPI reported that South Korea's coast guard has long been confronting the increased presence of Chinese vessels within the disputed Northern Limit Line (NLL). North Korea has purportedly been allowing Chinese trawlers to operate in the area since 2004, although the agreement does not include the NLL.

However, with an estimated 1,000 Chinese boats near the disputed area, it seems that the status quo has changed, and China has gained additional fishing rights from North Korea.

"It's uncertain whether the agreement is still effective. Still, we've spotted about 900 to 1,000 Chinese boats near the NLL in the East Sea lately, and it was found that they purchased the right to work there," a source said.

On the other hand, Moon Sang-gyun, South Korea's defense ministry spokesman, confirmed that Chinese vessels had been spotted in the area but refused to share further information with the press.

TagsNorth Korea, South Korea, china, Fishing rights, Northern Limit Line