>> The UN Security Council could be writing new sanctions that might dramatically choke off trade with North Korea. The United States has circulated a draft resolution to Security Council members in response to Pyongyang's November 29th launch of a new type of intercontinental ballistic missile. The measure could be voted on as early as Friday.
If adopted, it would dramatically cut Pyongyang's access to fuel. Reuters UN Bureau Chief Michelle Nichols.>> When it comes to refined petroleum products, which is what diplomats say North Korea uses for its ballistic missile program, it further reduces a cap that the council imposed in September. That cap was at 2 million barrels, and this further reduces it to 500,000 barrels a year.
>> The draft also bans North Korean exports of machinery, minerals and wood. It would be the tenth measure imposing sanctions on Pyongyang since 2006. There are signs the US may be optimistic the draft will clear the Security Council.>> It actually gave a copy of this draft to China last week So they've been negotiating it for the past week.
And traditionally, the United States doesn't circulate it to the full counsel unless they have agreement with China. So while we don't know if China has agreed to this, in the past it doesn't go to the full counsel until Beijing and Washington have agreed on the text.>> The measure also imposes restrictions on shipping vessels the US says are skirting sanctions on North Korea by transferring fuel from ship to ship in violation of standing UN resolutions.