The ASEAN position is short of the tougher line on North Korea urged by the United States, which wants Southeast Asian countries to downgrade their relations with the already isolated nation. And in response, the council is going after its finances.
The draft text would also prevent North Korea from sending additional workers overseas, prohibit all new joint ventures and ban new investment in the current joint companies.
But the Trump administration has said it is open to negotiations once North Korea halts its illegal ballistic missile and nuclear programs.
Haley said: "It's going to make a strong point to North Korea that all of this ICBM and this nuclear irresponsibility has to stop".
The United States has put heavy pressure on China, which accounts for 90 per cent of trade with North Korea, to enforce the sanctions.
The claim that the United Nations sanctions would cost North Korea more than $1 billion is based on the assumption of "full and perfect" enforcement by all member states, said Benjamin Katzeff Silberstein, associate scholar at Foreign Policy Research Institute and co-editor of North Korean Economy Watch.
It was the first time cabinet-level officials from the two Koreas had met since Moon - who urges engagement with the North as well as sanctions to bring it to the negotiating table - took power in May.
Top diplomats from Asia-Pacific countries will meet in Manila on Monday to discuss regional security issues, including North Korea's growing military threats. That resolution estimated cuts of at least $800 million per year to North Korea's revenues. The U.S. could do more on its own to develop a relationship with North Korea, she said.
All 15 Security Council members approved the resolution, including Russian Federation and China.
China has temporarily sealed off a part of the Yellow Sea for what it described as "large-scale" military exercises, the second drill off the coast of the Korean Peninsula in the past two weeks.
Still, the Chinese delegation held a one-on-one meeting with North Korea, noting it was "normal" because "North Korea is China's neighbor".
The U.S. has rejected both proposals, although Tillerson said last week the U.S. was willing to talk with Pyongyang - if the North agrees to abandon its quest for nuclear weapons.
Susan Thornton, acting assistant secretary of state for the region, said the USA would closely monitor Beijing for compliance with the sanctions.
Pak Kwang-hyok, a deputy director-general at the Foreign Ministry's global organization bureau who is accompanying Ri, said after the session that the two ministers "exchanged views on the regional political situation and bilateral affairs". You need an off ramp.