The latest intercontinental missile test done by North Korea happened on November 29 and the country claims it can target any location in the U.S. mainland and withstand reentry to the Earth's atmosphere.
The new sanctions approved in the council resolution include sharply lower limits on North Korea's oil imports, the return home of all North Koreans working overseas within 24 months, and a crackdown on ships smuggling banned items including coal and oil to and from the country.
North Korea's leader Kim Jong-un on Friday said his country has achieved rapid development in strategic weaponry and poses "substantial nuclear threat to the US", state news agency reported.
North Korea's test on November 29 of its most powerful intercontinental ballistic missile yet was its 20th launch of a ballistic missile this year, and added to fears that the North will soon have a military arsenal that can viably target the USA mainland.
In response to the ICBM test, the UN Security Council will reportedly vote on new sanctions on North Korea as early as Friday local time. Japan holds the presidency of the Security Council this month.
The US ambassador to the UN, Nikki Haley, said according to the BBC, that the sanctions sent a "unambiguous message to Pyongyang that further defiance will invite further punishments and isolation".More news: United States vetoes UN call for withdrawal of Trump Jerusalem decision
The country had also regularly threatened they would destroy South Korea, Japan and the United States and continue to claim that the weapons program is necessary to counter U.S. aggression.
Tens of thousands of North Koreans have been sent to Russian Federation and China to earn revenue for Pyongyang, working in what United Nations rights officials have described as "slave-like conditions".
The United States has led the drive at the Security Council to tighten sanctions aimed at piling pressure on Kim's regime to come to the negotiating table. He said Trump was seeking "total subordination of the whole world".
Specifically, the new resolution cuts deliveries of products including diesel and kerosene by nearly 90 percent, to the equivalent of 500,000 barrels per year starting January 1. Repatriation of its foreign workers may also cut down vital sources of foreign currency and investment to the country's market economy.
Washington has been imposing sanctions on the country since 2008, banning the export of goods and services to the country, with little effect.
"Cutting off oil, petroleum supplies, would obviously have a very big impact on the ordinary population", he said. China is also being called upon by the USA to limit its oil supply sent to its neighbor and ally.