The sanctions are less drastic than what was initially intended by the U.S., who also called for a ban on United Nations member countries selling gas, oil and refined petroleum products to North Korea.
While speaking at a disarmament conference in Geneva, Switzerland, North Korea's United Nations ambassador Han Tae-Song strongly condemned the sanctions as "vicious".
'We must stop its march towards a nuclear arsenal with the ability to deliver it anywhere in the world, ' she said of North Korea.'We must do that by cutting off the fuel and the funding that supports it'.
"The North Korean regime bears full responsibility for the measures that the UN Security Council has enacted today".
Japan's representative at the UNSC Koro Bessho said oil imports will be cut by approximately 30 per cent and the ban on textile exports is expected to reduce North Korea's revenues by $800 million.
The UN ambassadors from the two countries said they agree on the "four nos" - no regime change, no regime collapse, no stepped-up reunification and no military deployments north of the border separating North and South Korea, the report said. Both of these have been key sources of hard currency.
The sanction is less than Haley had sought when she pushed for a ban on oil and a freeze on Kim's assets overseas, but it still remains a win on her side, though it's unlikely to persuade Kim to halt his nuclear program yield to call for negotiation.
North Korea said it successfully conducted its sixth nuclear test on September 3. "My delegation condemns, in the strongest terms, and categorically rejects the latest illegal and unlawful UN Security Council resolution".
"In case the U.S. eventually does rig up the illegal and unlawful "resolution" on harsher sanctions, the DPRK (North Korea) shall make absolutely sure that the USA pays due price", the spokesman told the official KCNA news agency.
The North Korean ambassador went on to warn the USA that it will suffer consequences for the approved sanctions.
"We've been played by the Kims for years", Republican Representative Ted Poe said, referring to North Korean leader Kim Jong Un and his predecessors. "These are the strongest measures ever imposed on North Korea".
"The forthcoming measures by DPRK [the Democratic Republic of Korea] will make the USA suffer the greatest pain it has ever experienced in its history", Mr Song said.
Currently, China, which is Pyongyang's main economic ally, supplies most of North Korea's crude oil.