Germany open to Iran-style North Korea talks: Merkel

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He singled out the China Merchants Bank and the Agricultural Bank of China.

The United Nations Security Council voted unanimously on Monday to impose a new set of sanctions against North Korea after the United States compromised with Russian Federation and China who opposed an even harder line sought by the Trump administration.

The new resolution itself calls for restarting the six-party nuclear talks, which involve the U.S., China, Russia, the two Koreas and Japan.

Beijing and Moscow have called for a freeze-for-freeze agreement with North Korea, which would see the United States and South Korea halt military drills on the Korean Peninsula in exchange for Pyongyang stopping its nuclear and ballistic missile program.

Moscow and Beijing are two of the five permanent members of the UN Security Council that have shown reluctance to support the tough measures suggested by the USA against North Korea. China supplies most of the country's crude.

"My delegation condemns in the strongest terms and categorically rejects the latest illegal and unlawful U.N. Security Council resolution", Pyongyang's ambassador, Han Tae Song, told the U.N. -sponsored Conference on Disarmament in Geneva.

"Every nation has an obligation to do what it can", Mr Shorten said.

"We think it's a big mistake to underestimate this Russia, China initiative. If it proves it can live in peace, the world will live in peace with it", she told the United Nations security council after the council adopted the new sanctions.

Trump is likely to make a stop in China in November during his first official visit to Asia.

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French President Emmanuel Macron spoke on the phone with US President Donald Trump and Japanese Prime Minister Shinzo Abe on Saturday to discuss the possibility of new sanctions. Mintaro Oba advised senior officials in President Barack Obama's administration on key issues in U.S. -Korea relations in 2016.

In a statement on a possible ramping up of sanctions, North Korea's foreign ministry promised moves that would "cause the USA the greatest pain and suffering it had ever gone through in its entire history".

The United States and its allies had been bracing for another long-range missile launch in time for the 69th anniversary of North Korea's founding on Saturday, but no fresh provocations were spotted while the North held numerous events to mark the holiday.

Among other concessions the new text also softens proposed restrictions on North Koreans working overseas, and on the inspection by force of ships suspected of carrying cargo prohibited by the UN. One thing that remained in both of these drafts is a ban on North Korean textile exports.

North Korea warned on Monday it would inflict "the greatest pain and suffering" on the United States if Washington persists in pushing for harsher UN sanctions following Pyongyang's sixth nuclear test.

NIKKI HALEY: Today we are saying the world will never accept a nuclear-armed North Korea. Merkel said that she backed sanctions as a means of bringing North Korea to the negotiating table.

He said the labor restriction would be nearly impossible to police and that trade statistics greatly overstated North Korea's earnings from textiles.

"So don't look at the sanctions as an end unto themselves, but as a step toward forcing violators to desist or be shamed and punished", he said.