The United Nations Security Council unanimously voted for fresh sanctions on North Korea, in response to intercontinental ballistic missile tests by the state last month.
The new set of sanctions imposes bans on North Korea’s export of coal, iron, iron ore, lead, lead ore and seafood, and is expected to cut the state’s export revenue by up to a third.
U.S. Ambassador to the United Nations Nikki Haley hailed the move which she said had raised the penalty on North Korea "to a whole new level".
"Today the Security Council has come together to put the North Korean dictator on notice," she added.
A White House statement said US President Donald Trump "appreciates China's and Russia's cooperation in securing passage" of the resolution, after there were no objections from member states.
The Russian Ambassador Vassily Nebenzia told Reuters, "we are not hostages to our relations when we have to work together on issues which are far more important".
UK ambassador Matthew Rycroft said after the vote, “it does not have to be this way. North Korea should forgo the path of provocation, forgo the path of further escalation."
The recent test launch sparked widespread condemnation for violating UN resolutions. Sri Lanka’s foreign ministry also commented on the move, initially criticising the launch. However Sri Lanka’s President Maithripala Sirisena has since called for an investigation into the statement.