The United Nations Security Council on Saturday imposed new sanctions on North Korea for repeatedly testing intercontinental ballistic missiles and violating UN resolutions. UNSC members unanimously passed the resolution, which was drafted by the United States, Reuters reported.

The new sanctions ban exports of coal, iron, iron ore, lead, lead ore and seafood from North Korea, new joint ventures with the country and any new investment in existing joint ventures. This could cost North Korea up to $1 billion (around Rs 6,400 crore) in annual export revenue.

“We should not fool ourselves into thinking we have solved the problem,” US Ambassador to the United Nations Nikki Haley (pictured above) said after the vote. “The North Korean threat has not left us. It is rapidly growing more dangerous.”

She said the US will continue its annual joint military exercises with South Korea. “Further action is required,” Haley added. “The United States is taking and will continue to take prudent defensive measures to protect ourselves and our allies.”