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China and Russia know that they may fail, but they are still trying their best to lift some sanctions against North Korea. It is not for the first time that they are trying this at the at the United Nations. They had done the same in 2019.
The reason cited by both the countries is the grave “humanitarian crisis” that North Korean people face. According to Reuters, both countries say that the 15-member Security Council should lift the ban on North Korea exporting statues, seafood and textiles, and ease restrictions on infrastructure projects and North Koreans working overseas. The latest proposal almost mirrors 2019 one. (https://www.cnbc.com/2019/12/18/china-russia-say-lifting-some-un-sanctions-on-north-korea-could-help-break-the-deadlock.html)
Both countries are not rushing to get the proposal approved or put to vote, as they know that it may meet the same fate that the previous resolution in 2019 did. China has argued in the past that if the world wants the North Koreans to do something that the world needs, its concerns should be accommodated, including lifting the sanctions.
Despite several attempts to bring North Korea to the table, including two meetings between North Korean dictator Kim Jong Un and former President Donald to discuss the issues between the two, including denuclearization, the world has failed. (https://www.nknews.org/2021/10/china-and-russia-submit-proposal-to-ease-un-sanctions-on-north-korea-sources/)
Russia and China have been accused of indulging in illegal financial transactions with North Korea. They are also accused of exporting oil and petroleum to North Korea beyond the limits set by the United Nations. Both countries have denied the allegations. (https://www.fdd.org/analysis/2020/10/21/russia-and-china-obstruct-un-reporting-on-north-korea/)