The Trump administration adopted a totally new approach with this resolution, circulating an American draft Tuesday and setting a vote six days later.
The U.S. informed the Security Council on Friday night of its plan to call the vote, the State Department said in a brief statement, adding it would look to impose further penalties on Pyongyang.
Rajiv Biswas, Asia Pacific chief economist for IHS Markit, said, "The latest U.N. Security Council sanctions will clearly ramp up economic pressure on North Korea and further choke off foreign exchange inflows, which have already been significantly reduced by previous U.N. sanctions resolutions".
The proposal resembles the positions of Beijing and Moscow, who have unequivocally condemned North Korea's thermonuclear weapons tests yet have been vocal about the need to mitigate the escalating tensions by diplomatically engaging, rather than threatening, Pyongyang.
The US had initially proposed a complete oil embargo and also said that the foreign accounts of North Korean leader Kim Jong-un should be frozen.
One source said the main reason for the decline was that North Koreans were having difficulty paying for petroleum product imports because of the banking restrictions.
"My sense is they believe that they don't have time for a delicate diplomatic dance", he told The Associated Press in a telephone interview Friday.
The Bank of China employee said that North Koreans with accounts in the bank cannot deposit or withdraw money from them.
Mr Ri and Mr Hong's roles have also been noted overseas, prompting the United Nations, the US and South Korea to blacklist them. Textiles are one of North Korea's major exports, with a total export value estimated at $750 million in 2016.
There was no word on the outcome of negotiations, and whether any changes sought by the Russians and Chinese were acceptable to the United States.
U.S. President Donald Trump said on Tuesday the latest United Nations sanctions on North Korea were only a very small step and nothing compared to what would have to happen to deal with the country's nuclear program.
On 3 September Mr Kim provoked global outrage with a test of what North Korea claimed was a hydrogen bomb. He explained that only a united council can provide the pressure needed to enable successful negotiations to take place to denuclearize the Korean Peninsula.
Republican Rep. Ed Royce, the committee chairman, said USA and allied efforts should be "super-charged". It has also tested a missile capable of reaching the United States, but experts say it is likely to be at least a year before it can field an operational nuclear missile that could threaten America. They have a lot of leverage.
The U.S. president has wavered between criticizing China for not doing enough on North Korea to heaping personal praise on the Chinese President Xi Jinping.
The North has a history of marking significant dates with show of military capability, but its recent tests have been seen as driven mainly by technological needs amid an accelerating effort to expand its nuclear weapons arsenal.
DPRK is short for North Korea's official name, the Democratic People's Republic of Korea.
When these new stronger sanctions are added to those passed last month, over 90 percent of North Korea's publicly reported exports are now fully banned.
U.S. Treasury Secretary Steven Mnuchin told a conference earlier on Tuesday that if China did not follow through on the new sanctions, "we will put additional sanctions on them and prevent them from accessing the U.S. and worldwide dollar system".
Last week, Putin criticized US calls to continue isolating and punishing Pyongyang, saying that "creating military atmosphere and raising hysteria is counterproductive and will lead nowhere".