The United States presents UN Security Council draft resolution targeting North Korea

North Korea leader Kim Jong un (C) applauds the launch of an intercontinental ballistic missile on July 4, 2017. (Photo by FAP)

The United States has presented the UN Security Council with a draft resolution against North Korea which aims to ban the country's trade of coal, iron, iron ore, lead, lead ore and seafood.

The draft resolution circulated to the 15 council members on Friday will deprive Pyongyang of $1 billion in export revenue, according to a council diplomat.

The diplomat, who spoke on condition of anonymity, said the council would vote on the resolution on Saturday which would be the seventh set of UN sanctions imposed on Pyongyang since it first conducted a nuclear test in 2006.

In order for a resolution to be adopted, it needs nine votes in favor without being vetoed by the US, China, Russia, France or Britain.

If adopted, countries will be prohibited from increasing their numbers of North Korean workers and any new joint ventures with Pyongyang and any new investment in current joint ventures will also be banned.

"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.

People watch as coverage of an ICBM missile test is displayed on a screen in a public square in Pyongyang on July 29, 2017. (Photo by AFP)

The diplomat also said that China and Russia were willing to support the draft resolution, although Moscow said there had been no agreement among the members yet.

Referring to reports that the United States may have gotten China on board on the resolution, Russia’s Ambassador to the UN Vassily Nebenzia said no consensus had been reached among all permanent members.

The US has been insistent on a resolution of sanctions to be passed against North Korea over its missile and military nuclear programs.

Pyongyang said on Saturday that it had launched an intercontinental ballistic missile (ICBM), the second in a month.

North Korea's nuclear and missile tests have been met with international condemnation, with the UN slapping harsh sanctions on the country over its numerous tests so far.