The U.N. Security Council on Dec. 22 slapped fresh sanctions on North Korea in response to its recent intercontinental ballistic missile test, Reuters reported.
The members voted 15-0 in favor of the U.S.-drafted resolution which is meant to ban approximately 90% of refined petroleum product exports to North Korea.
The resolution calls for capping such products at 500,000 barrels each year and repatriation of North Koreans working abroad within the next 12 months.
Moreover, it demands that a limit be placed on crude oil supplies to North Korea at 4 million barrels per year.
North Korea reportedly said on Nov. 29 that it successfully tested a new intercontinental ballistic missile which is capable of reaching the U.S. mainland.
The U.S. also called on China to restrict its supply of oil to North Korea and its allies.
Analysts believe that the increasing number of sanctions that North Korea faces could further impair its weak economy.
"If they were enforced, the cap on oil would be devastating for North Korea's haulage industry, for North Koreans who use generators at home or for productive activities, and for (state-owned enterprises) that do the same," Reuters quoted Peter Ward, a columnist for NK News, as saying.