But the resolution doesn't include even harsher sanctions sought by the Trump administration, such as prohibiting all oil imports and freezing the worldwide assets of North Korea's government and its leader, Kim Jong Un.
North Korea in early September conducted its sixth ever successful nuclear missile launch and claims that the country now has a Hydrogen bomb it can place on an intercontinental ballistic missile (ICBM).
North Korea on Nov 29 said it successfully tested a new ICBM that put the United States mainland within range of its nuclear weapons.
In 2017, North Korea accelerated its missile program.
South Korea welcomed the sanctions and called on the North to "immediately cease reckless provocations, and take the path of dialogue for denuclearization".
North Koreans in South Phyongan in a December 3 image released by state media.
"If the USA wishes to live safely, it must abandon its hostile policy towards the DPRK and learn to co-exist with the country that has nuclear weapons and should wake up from its pipe dream of our country giving up nuclear weapons which we have developed and completed through all kinds of hardships", said the statement, carried by the North's official Korean Central News Agency.
U.S. President Donald Trump's new national security strategy unveiled this week is a "criminal document" that seeks the "total subordination of the whole world to the interests of the U.S.", North Korea's foreign ministry said on Friday. "North Korea, however, says the Hwasong-15 could reach mainland United States carrying a 'super-large heavy warhead'".More news: New Owner For Rolling Stone
Specifically, the new resolution cuts deliveries of products including diesel and kerosene by nearly 90 percent, to the equivalent of 500,000 barrels per year starting January 1.
The forced repatriation of its overseas workers would also cut off vital sources of foreign currency, he said.
In the document, announced on Monday, Mr Trump said Washington had to deal with the challenge posed by North Korea's weapons programmes.
The resolution also demands that countries inspect ships in their territorial waters that are suspected of carrying oil and other banned products to North Korea.
The resolution introduced by the United States after intense lobbying won the support of China, which has had a special relationship with North Korea and had in the past opposed or tried to soften sanctions.
The ministry said the sanctions are tantamount to a "complete economic blockade" of North Korea.
DPRK is short for North Korea's official name, the Democratic People's Republic of Korea.
The sanctions draft also reportedly includes a ban on exports of food products, machinery, electrical equipment, earth and stones, wood, and vessels from the Hermit Kingdom.
Even if the sanctions have an economic effect, it is not clear whether that would push Pyongyang to negotiate or stop its weapons development, said Kim Sung-han, a former South Korean vice foreign minister.