The proposed resolution also suggests freezing the accounts of 19 individuals, including the representatives of eight banks abroad and the head of the country's weapons of mass destruction development program, as well as the country's Ministry of People's Armed Forces, also banning them from entry.
If the proposed measure is adopted, oil exports to North Korea will be limited to four billion barrels per year. The restrictions will also target 95 percent of oil products. Beginning from January 1, 2018, North Korea is allowed to receive not more than 500,000 barrels per year of various oil products including petroleum, diesel and kerosene. The exporters will have to report on the deliveries to the UNSC.
READ MORE: North Korea May Face Maritime Sanctions Over Latest Missile Launch
The draft includes a restriction on the export of goods, machines and electric equipment as well as transport vessels and raw materials including wood and magnesium from North Korea.
The document, however, does not target the Rajin-Khasan Russian-North Korean railway project, which also includes the development of a port to export coal to third countries.
Earlier in the day, a source told Sputnik that the voting on the draft is scheduled to take place later in the day at 17:00 GMT.
