UN Security Council imposes new N.Korea sanctions over intercontinental ballistic missile tests

United Nations Security Counc

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, according to Reuters.

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.

"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.

"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.