"The forthcoming measures to be taken by the DPRK will cause the U.S. the greatest pain and suffering it had ever gone through in its entire history", said a statement, which used the official name for the North. North Korea gets almost all of its oil supply from China, with a much smaller amount coming from Russian Federation or the open market.
"If we put firm pressure on North Korea such that it realises it cannot develop missiles, it will accept dialogue and we can progress with diplomatic efforts", Onodera told public broadcaster NHK on Sunday. "We are done trying to prod the regime to do the right thing" and instead are taking steps to prevent it "from doing the wrong thing".
Ms Haley last week dismissed this proposal as "insulting".
"We've said the North can't have nuclear weapons, we've used this rhetoric and we've had no means to prevent it, and this goes back to the assumption that North Korea wasn't going to last so we wouldn't have anything to worry about".
Beijing and Moscow have recently called for a freeze-for-freeze agreement with North Korea, which would see the US and South Korea halt military drills on the Korean Peninsula in exchange for Pyongyang stopping its nuclear and ballistic missile programme.
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Hackers tied to North Korea are also suspected of carrying out a series of attacks on global banks that came to light a year ago.
He also opposed the deployment of the Terminal High Altitude Area Defence (THADD) anti-missile system by the United States in South Korea asserting that it undermined the security of China and other countries in the region.
However, Al Jazeera's Wayne Hay, reporting from the South Korean capital Seoul, said that "we seem to be stuck in this endless cycle of provocation and condemnation, and there is no sign of either side - the US and South Korea combined or North Korea - backing down from their state positions".
Despite the weakened penalties, Haley cast the resolution as a victory in her Security Council remarks.
Between December 2016 and May 2017, for example, the DPRK exported over $79 million of iron ore to China, the report said.
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On the export of commodities - a key source of foreign exchange for the DPRK - the experts said that following China's suspension of coal imports from the North in February, the DPRK has been rerouting coal to other countries including Malaysia and Vietnam.
Washington has said military action remains an option in dealing with North Korea and threatened to cut economic ties with countries that continue to trade with the it. "China does not want North Korea to collapse, but wants a stick to get it to the negotiating table".
The proposed raft of sanctions would be the toughest-ever imposed on North Korea.
"The United States is looking for some sort of sanctions that will bring North Korea to its knees", he said.
Chinese officials have privately expressed fears that an oil embargo could risk causing massive instability in its neighbor. It also conducted its sixth and most powerful nuclear test since 2006 on September 3. Not only three missile tests were fired in a single day, the same was followed by another test a couple of days later when an intermediate range missile flew over Hokkaido - the northern most island of Japan - that put nearly put the entire Japanese nation on tenterhooks.
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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.