Pyongyang has staged a series of missile tests in recent months that appeared to bring much of the USA mainland into range, followed by the Sept 3 nuclear blast.
United Nations member states are required to adopt the sanctions regime.
Both Russia and China reiterated their proposal that the US and South Korea freeze all military drills - which anger North Korea - and asked for a halt in the deployment of the controversial anti-missile system Thaad, in exchange for Pyongyang's cessation of its weapons programmes. That's one of the ways North Korea earns hard currency.
These new sanctions include limits on import of crude oil and oil products, a ban on textile exports and new visas for North Korean oversees workers.
Britain's U.N. Ambassador Matthew Rycroft called the resolution "very robust" and "a very significant set of additional sanctions on imports into North Korea and exports out of North Korea and other measures as well".
That would amount to a 10 percent cut in oil products, according to the US Energy Information Administration, which estimates annual exports to North Korea at almost 2.2 million barrels. Moreover, this resolution also puts an end to the regime making money from the 93,000 North Korean citizens it sends overseas to work and heavily taxes, she noted.More news: United States calls for UNSC meet over North Korea draft resolution
It will lose $1.3 billion in annual revenues, she added.
What did the USA want?
In the first such statement since July previous year, the ministry said the United States is "trying to use (North Korea's) legitimate self-defensive measures as an excuse to strangle and completely suffocate it".
A week ago Haley called for the "strongest possible" sanctions, but after several days of negotiations, Washington dropped several measures to win the support of Russian Federation and China, including a bid for an oil embargo and the blacklisting of North Korean leader Kim Jong Un and the national airline.
The North says it needs nuclear arms to protect itself, but the USA has accused the country of "begging for war". That's because his weapons programme gives him a deterrent against the United States, which North Korea frequently says wants to attack.
Before the resolution was voted, North Korea's official news agency quoted the Foreign Ministry as saying the country was "quite ready to use any ultimate means" to retaliate against the United States for the sanctions and claiming it had "near-to-completion nuclear capability".
"My delegation condemns in the strongest terms, and categorically rejects, the latest illegal and unlawful UN Security Council resolution", Song said.
A statement from North Korea's foreign ministry published on the state-controlled KCNA news agency threatened the US should the sanctions be approved. Are there any indications that the Trump administration is ready for some diplomacy on North Korea?