A proposition has been made by the US at the United Nations on Monday, which will affect North Korea greatly as the proposal included sanctions targetting the country's oil trade and financial assets.
The UN Security Council called for a special meeting in light of the sixth missile test of North Korea on Monday to discuss the possible ways to stop the hostile country from its test. The country claimed that they managed to develop a hydrogen bomb and fire it successfully. They have also been threatening to launch the missiles to the US.
Currently, North Korea is under high restrictive sanctions imposed by the UN and these sanctions are intended to force the leadership to curtail its weapons programs.
To add to that, in August this year, a new round of sanctions banning exports including coal have been implemented, costing North Korea an estimated $1bn (£767m) or about a third of its entire export economy.
In the latest draft resolution distributed on Monday, the US calls for a total ban on oil products traded to North Korea and a ban on its textile export industry.
It also suggests to freeze the assets of Kim and the North Korean government, as well as banning him and other senior officials from travelling. North Korean laborers would also be forbidden from working abroad, especially in Russia's Far East and China.
Remittances from foreign earnings and textile exports are two of the most significant remaining sources of income for North Korea.
It is still unclear how China and Russia will respond to the move given by the United States.
Meanwhile, on Thursday, Wang Yi, China's foreign minister told the reporters that the council should respond further "by taking necessary measures", but did not elaborate further on how it should be done.
He added that "sanctions and pressures are only half of the key to resolving the issue. The other half is dialogue and negotiation."
