But the proposed resolution stresses the council's commitment "to a peaceful, diplomatic and political solution" and urged a resumption of six-party talks with the aim of denuclearizing the Korean Peninsula "in a peaceful manner."
The proposed resolution would make it significantly harder for North Korea to move around the funds it needs to carry out its illicit programs and strengthen existing sanctions and the inspection of suspect cargo bound to and from the country.
It would also ban countries from exporting specific luxury goods to the North, including yachts, luxury automobiles, racing cars, and jewelry with semi-precious and precious stones and precious metals.
According to the draft, all countries would now be required to freeze financial transactions or services that could contribute to North Korea's nuclear or missile programs.
To get around financial sanctions, North Koreans have been carrying around large suitcases filled with cash to move illicit funds.