According to the United States officials, added to the sanctions imposed on North Korea previously, new restrictions would cut North Korea's exports by 90%. They seem intent on developing their nuclear weapons capability to a point where maybe they'll have some leverage going into any negotiations.
The new draft, obtained Monday by The Associated Press, would ban North Korea from importing natural gas liquids and condensates and cap its import of refined petroleum products and crude oil.
Also, the Japanese daily Yomiuri Shimbun said on Wednesday Japan, the United States and South Korea are in final stages of talks to hold a trilateral summit on the sidelines of the U.N. General Assembly in NY. One of those countries is China, the U.S.'s biggest trading partner. "If North Korea-bound oil, mainly coming from China, decreases through pressure by the worldwide community, it will be hard for North Korea to operate its missile brigades".
The leaders of Russian Federation and Germany discussed the upcoming vote at the UN Security Council on new sanctions against North Korea.
"The United States is looking for some sort of sanctions that will bring North Korea to its knees", he said.
Crucially, the resolution includes an exemption for "livelihood purposes" - similar to clauses in past resolutions that have been used as loopholes. China supplies most of North Korea's crude.
When speaking to ValueWalk ahead of the much-anticipated meeting by the UN Security Council on Monday, Mr. Ascione argued that the oil embargo could have "crippling effects" on the North Korean economy "if effectively implemented".
How significant is the textiles ban?
The proposal included a ban on oil and textile exports to North Korea and prohibited North Korean citizens from working overseas. Thoughts on the same were not further stirred and North Korea continued with its celebration to mark the day.
China supplies materials to the North, where they are made into clothing in factories using cheap labour, and re-exported to China. Almost 80 percent went to China.
"It all depends on China and Russia's willingness".
US Treasury Secretary Steven Mnuchin warned China that if it did not follow through on the new sanctions, the United States would "put additional sanctions on them and prevent them from accessing the US and worldwide dollar system".
A United Nations ban on the export of North Korean textiles, one of the country's fastest growing industries, stayed in the resolution. "It seems that Pyongyang is betting on impossibility of China's full abandonment of it".
There is an exemption for existing contracts.
But analysts were sceptical about their impact.
"China does not have the power to dictate to the DPRK", said Victor Gao, who was a translator for late leader Deng Xiaoping. It still baffles me that the USA and other nations are hoping that stern words will encourage the controlled state to settle down.
Will the sanctions curb Pyongyang's ambitions?
Korea says it needs nuclear weapons to protect itself, but the United States accuses Pyongyang of "begging for war".
"It is not enough to cause pain", said Go Myong-Hyun at the Asan Institute of Policy Studies. It has voted unanimously on a new sanctions resolution. The ninth set of punitive UNSC measures against the communist regime fell significantly short of the far-reaching consequences the Trump administration had demanded following North Korea's sixth nuclear test earlier this month.
The gap between the two Koreas today is far greater than that between East and West Germany when the Berlin Wall came down, and it will probably get wider this year as the global community presses sanctions and as the North is hit by a drought.