Cramer: The markets' relief over North Korea is premature

North Korea threatens 'pain and suffering' if new UN sanctions approved

"I have said before that China agrees that the UN Security Council should make a further response and necessary actions with respect to North Korea's sixth nuclear test", he told reporters.

As for energy, it caps Pyongyang's imports of crude oil at the level of the last 12 months, and it limits the import of refined petroleum products to 2 million barrels a year.

Following the vote, Haley told the council that the oil cap would reduce North Korean oil imports by as much as thirty percent, and deprive the regime of some $800 million in revenues from textile experts.

"Alongside the UN-imposed sanctions, global cooperation is also required to curb the North's cyber-hacking which can be used to finance its nuclear and missile programmes", he said.

"We've been played by the Kims for years", Republican Representative Ted Poe said, referring to North Korean leader Kim Jong Un and his predecessors.

On Monday, North Korea had warned the United States that it would pay a "due price" for spearheading efforts to have fresh sanctions imposed on the country after its latest nuclear test. The proposal says the Security Council is committed to restarting six-party talks aimed at negotiating a complete denuclearization of the Korean peninsula.

Chinese Ambassador Liu Jieyi again called for talks "sooner rather than later".

Russian Ambassador Vassily Nebenzia said a "political settlement" ultimately is needed and that ignoring the call for negotiations "means a direct violation of the consensus reached in the council".

The US put forward another draft resolution Monday that made considerable changes to a previous version of the proposal.

"The DPRK shall make absolutely sure that the USA pays a due price", the Korean Central News Agency said, citing a statement by the Ministry of Foreign Affairs and using initials for North Korea's formal name, the Democratic People's Republic of Korea. For these reasons, a diplomatic solution is preferred.

A staff member at a Beijing branch of China Construction Bank said they received a notice in May, and North Koreans can no longer conduct transactions. The North Korean regime has not yet passed the point of no-return.

The new measures target major goods that North Korea buys and sells, but they don't go as far as the US wanted.

Textiles were North Korea's second-biggest export after coal and other minerals in 2016, totalling $752 million, according to data from the Korea Trade-Investment Promotion Agency.

The official said that the sanctions are likely to deal a painful blow to North Korea as the scope of the penalties was expanded, but he declined to comment on specifics.

Japan and France are said to be on board with the US furthering sanctions on North Korea.

The decision, triggered by North's sixth and largest nuclear test this month, was the ninth such resolution unanimously adopted by the 15-member Security Council since 2006 over North Korea's ballistic missile and nuclear programmes. If North Korea stages a military provocation, anything could happen.

The UN seems to have got the message that the U.S.is out of patience.

Facing the prospect of a double veto, Nikki Haley, the USA ambassador to the United Nations, dropped a provision in a draft Security Council resolution that would have banned all North Korean oil imports and permitted American warships to use force to board vessels that have violated existing U.N. sanctions. But the Trump administration has repeatedly declared that all options are on the table-including pre-emptive military strikes against North Korea.

French President Emmanuel Macron spoke on the phone with US President Donald Trump and Japanese Prime Minister Shinzo Abe on Saturday to discuss the possibility of new sanctions. That would shave off roughly 10 percent of what North Korea now gets from China, according to the U.S. Energy Information Agency. Ultimately, China and Russian Federation will have to decide if they want to stay aligned to North Korea, a nation that offers little value except as a buffer against US hegemony, or if they want to maintain amicable relations with the world's largest superpower.

China's official Xinhua news agency said in a commentary that the Trump administration was making a mistake by rejecting diplomatic engagement with North Korea.

Before the vote, South Korea's envoy to the USA said more could still be done.

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