The United Nations Security Council unanimously imposed new sanctions on North Korea on Saturday that could slash by a third the Asian state's $3 billion annual export revenue as retaliation after its two intercontinental ballistic missile tests in July, according to a Reuters report.
 
The report said that the US-drafted resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood.
 
It also prohibits countries from increasing the current numbers of North Korean laborers working abroad; bans new joint ventures with North Korea and any new investment in current joint ventures.
 
"We should not fool ourselves into thinking we have solved the problem. Not even close. The North Korean threat has not left us, it is rapidly growing more dangerous," US Ambassador to the United Nations Nikki Haley told the council.
 
"Further action is required. The United States is taking and will continue to take prudent defensive measures to protect ourselves and our allies," she said. Washington would continue annual joint military exercises with South Korea, Haley said.
 
North Korea has accused the United States and South Korea of escalating tensions by conducting military exercises.
 
This comes while, China and Russia slammed US deployment of the THAAD anti-missile defence system in South Korea.
 
China's UN Ambassador, Liu Jieyi, called for a halt to the deployment of missiles and for any equipment in place to launch them to be dismantled.
 
Liu also urged North Korea to "cease taking actions that might further escalate tensions."
 
The US President Donald Trump hailed the vote in a Twitter message on Saturday evening.
 
"The United Nations Security Council just voted 15-0 to sanction North Korea. China and Russia voted with us. Very big financial impact!" Trump wrote.
 
North Korea has been under UN sanctions since 2006 over its ballistic missile and nuclear programs. The new measures came in response to five nuclear weapons tests and four long-range missile launches.