The UNSC stepped up sanctions against North Korea on Monday over the country's sixth and most powerful nuclear test on September 3, imposing a ban on the country's textile exports and capping imports of crude oil.
Crude oil will continue to be supplied to the relatively isolated state, but will not exceed two million barrels per year, Japan's Kyodo News Agency reported.
The resolution is created to accomplish six major goals: cap North Korea's oil imports, ban textile exports, end additional overseas laborer contracts, suppress smuggling efforts, stop joint ventures with other nations and sanction designated North Korean government entities, according to a U.S. official familiar with negotiations.
And the USA ambassador, Nikki Haley, says the resolution is meant to starve the regime of the money it needs to develop its nuclear and missile programs.
"These are by far the strongest measures ever imposed on North Korea", Haley said. If it proves it can live in peace, the world will live in peace with it.
The Security Council will vote on a resolution put forward by the USA on Monday following the secretive state's sixth nuclear test earlier this month.
"I also think that we've got to tell the Chinese, it will hurt the United States if we lose some trade with you, but I'm telling you now, something is going to have to change", McCain said.
"If North Korea continues its unsafe path, we will continue with further pressure".
North Korea illegally exported coal, iron and other commodities worth at least USD270 million to China and other countries including India, Malaysia and Sri Lanka in the six-month period ending in early August in violation of United Nations sanctions, U.N. experts say.
That would mean North Korea imports almost 2.2 million barrels a year in petroleum products, so the 2 million barrel cap in the resolution would represent a 10 percent cut.
A group of disputed islands in the East China Sea. Thomson Reuters
"North Korea should accept the strict warning from the worldwide community that continued provocations only deepen the diplomatic isolation and economic pressure", the ministry said.
On the export of commodities - a key source of foreign exchange for the DPRK - the experts said that following China's suspension of coal imports from the North in February, the DPRK has been rerouting coal to other countries including Malaysia and Vietnam. "London is closer to North Korea and its missiles than Los Angeles".
The leaders of Russian Federation and Germany discussed the upcoming vote at the UN Security Council on new sanctions against North Korea. The U.S. estimates about 93,000 North Koreans are now working overseas, the official said. The final text only lists one of those officials. It has voted unanimously on a new sanctions resolution.
Kim Jong Un's regime "is closely following the moves of the USA with vigilance", its state-run Korean Central News Agency said Monday, citing a statement by the Ministry of Foreign Affairs.
Investors from the U.S., Singapore and Britain were among net sellers of local stocks last month, the data showed.
Pyongyang branded the sanctions imposed by the United Nations Security Council "vicious" and vowed revenge.
The new draft resolution initially imposed a complete ban on the hiring and payment of North Korean laborers overseas.
French ambassador to the UN Francois Delattre stated his support for the US-drafted resolution ahead of Monday's vote.
"If it agrees to stop its nuclear program, it can reclaim its future".
The unanimous decision was a response to North Korea's latest nuclear test, and is the latest in a long string of sanctions against the secretive state.
Putin has remained firm however that such sanctions on oil would have negative humanitarian effects on North Koreans. And there's also a ban on new work permits for North Korean workers.More news: Dramatic image shows where Hurricane Irma may be headed