UN imposes new sanctions on North Korea

The United Nations Security Council imposed new sanctions on North Korea on Saturday that could slash by a third the Asian state’s $3 billion annual export revenue over Pyongyang’s two intercontinental ballistic missile tests in July.The U.S.-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.The unanimously adopted resolution adds nine individuals and four entities to the U.N. blacklist, including North Korea’s primary foreign exchange bank, subjecting them to a global asset freeze and travel ban.READ MORE: U.S. bans Americans from travelling to North Korea, Canada leaves options open“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,” U.S Ambassador to the United Nations Nikki Haley said after the vote.WATCH: Trump told Sen. Graham any war with N. Korea would happen ‘over there’ “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, adding that Washington would continue annual joint military exercises with South Korea.North Korea has accused the United States and South Korea of escalating tensions by conducting military drills.READ MORE: Trump national security adviser: all options on the table in dealing with North Korea North Korea has been under U.N. sanctions since 2006 over its ballistic missile and nuclear programs and the Security Council has now ratcheted up the measures in response to five nuclear weapons tests and four long-range missile launches.The United States negotiated with North Korean ally China for a month on the latest resolution, before expanding negotiations to the full 15-member council on Friday.U.S. President Donald Trump’s administration has been frustrated that China has not done more to rein in North Korea. Washington has threatened to exert trade pressure on Beijing and impose new sanctions on Chinese firms doing business with Pyongyang.