UNITED NATIONS- A US-drafted United Nations Security Council resolution, seen by Reuters on Friday, aims to slash by a third North Korea's $3 billion annual export revenue by banning the country's trade of coal, iron, iron ore, lead, lead ore and seafood.
A council diplomat, speaking on condition of anonymity, said there was a "high confidence" that North Korea ally China and Russia would support the draft resolution, which was circulated to the 15 Security Council members on Friday.
The United States is aiming for a vote on Saturday to impose the stronger sanctions over North Korea's two intercontinental ballistic missile (ICBM) tests in July, though Russia and some other council members are asking for more time, diplomats said.
A resolution needs nine votes in favor, and no vetoes by the United States, China, Russia, France or Britain, to be adopted.
The draft resolution would also prohibit countries from increasing the current numbers of North Korean laborers working abroad, ban new joint ventures with North Korea and any new investment in current joint ventures.
"These are export sectors where this money is viewed as a critical, critical source of hard currency that the North immediately turns around into its fantastically expensive war machine and these just amazingly expensive ballistic missile and nuclear weapons programs," the diplomat said.
"These sanctions are not targeted at the people of North Korea," the diplomat said.