The United Nations Security Council unanimously imposed new sanctions on North Korea on Saturday that could slash by a third the Asian state‘s $3 billion annual export revenue over its two intercontinental ballistic missile tests in July.

The US-drafted resolution bans North Korean exports of coal, iron, iron ore, lead, lead ore and seafood. It also prohibits countries from increasing the current numbers of North Korean laborers working abroad, bans new joint ventures with North Korea and any new investment in current joint ventures.

The new resolution completely bans North Korean exports of coal. In November, the Security Council capped the North‘s coal exports at $400 million annually.

A UN diplomat said North Korea had been expected to earn an estimated $251 million from iron and iron ore in 2017, $113 million from lead and lead ore, and $295 million from seafood. The diplomat said it was difficult to estimate how much North Korea was earning from sending workers abroad. (Reuters)