McCain to North Korea: Aggression will lead to 'extinction'

China, the North's lone major ally, may be most critical though in deciding if oil sanctions go ahead because it controls an oil pipeline that industry sources say provides about 520,000 tonnes of crude a year to the North.

The resolution imposes a ban on condensates and natural gas liquids, a cap of 2 million barrels a year on refined petroleum products, and a cap on crude oil exports to North Korea at current levels.

The textile ban is significant.

U.S. diplomats have called for an oil embargo, an assets freeze against leader Kim Jong-Un, a ban on textiles and an end to payments of North Korean guest workers in response to the nation's sixth nuclear test last week.

Tuesday's hearing comes a day after the U.N. Security Council imposed its latest sanctions over what North Korea says was a hydrogen bomb test.

North Korea marked its government's 69th anniversary not with another missile test, as many had feared, but with a gala party for the scientists involved in carrying out the country's most powerful nuclear test yet last week, the state-run news media reported on Sunday. In negotiations on the latest resolution, diplomats said Russian Federation had questioned what leverage the Security Council would have left if North Korea continued to conduct nuclear and missile testing. President Donald Trump has responded to the moves with condemnation and in August threatened "fire and fury like the world has never seen" on North Korea should the rogue nation continue to threaten the United States.

The tensions have weighed on global markets, but there was some relief on Monday among investors that North Korea refrained from conducting another missile test this past weekend to celebrate 69 years since its founding.

Ambassador Han Tae Song also lashed out at the United States during a session of the U.N.'s Conference on Disarmament, saying North Korea denounces Washington's "evil intention" and would "make sure the USA pays a due price".

DPRK stands for the North's formal name, the Democratic People's Republic of Korea.

Coupled with the resolution's restrictions on the overseas employment of North Korean workers, the textile ban is expected to strip North Korea of an annual foreign income of US$1 billion.

"The world will witness how the DPRK tames the USA gangsters by taking a series of actions tougher than they have ever envisaged", the foreign ministry said in a statement carried by the official KCNA news agency.

"The North Korean regime is still getting some fuel supplies from China, which can keep its most essential operations functioning", he said.

Putin has remained firm however that such sanctions on oil would have negative humanitarian effects on North Koreans.

A resolution needs nine votes in favor and no vetoes by the United States, Britain, France, Russia or China to pass.

"If it agrees to stop its nuclear program, it can reclaim its future". It said the USA would pay a heavy price if the sanctions proposed by Washington are adopted.

"I also think that we've got to tell the Chinese, it will hurt the United States if we lose some trade with you, but I'm telling you now, something is going to have to change", McCain said.

July IIP rises marginally by 1.2 percent
The cumulative growth for the period April-July 2017 over the corresponding period of the previous year stands at 1.7 percent. The output of capital goods (infrastructure investments) fell one per cent in July, against a 8.8 per cent growth a year ago.