The original United States proposal for the sanctions would have placed North Korean leader Kim Jong Un on an worldwide blacklist and implemented a full ban on selling oil to his regime.
The resolution bans the import and export of textiles - both fabric and clothing - by the North. So the 2 million barrel cap could be cutting existing imports 10 percent, or slashing them by more than half.
The resolution is created to accomplish six major goals: cap North Korea's oil imports, ban textile exports, end additional overseas laborer contracts, suppress smuggling efforts, stop joint ventures with other nations and sanction designated North Korean government entities, according to a United States official familiar with negotiations.
On Sunday, in a bid to win support from China and Russian Federation, the USA had diluted its initial draft of the resolution that recommended a complete oil embargo and partial naval blockade.
"Sanctions of any kind are useless and ineffective", Putin told reporters earlier this month. The content could be seen as offering Beijing a rationale and the United States a foothold for lowering the oil import cap in the event of additional provocations from the North.
Chinese gasoline exports to the North fell sharply - to just 120 tons in July, compared to 8,262 tons in June - following a decision by China's state-owned oil company, China National Petroleum Corporation, to cut sales due to concerns that North Korea is too high a credit risk.
Textiles are one of North Korea's major exports, estimated by Rajiv Biswas of IHS Markit to value $750 million.
The original U.S. draft would also have frozen the assets of North Korea's state-owned airline Air Koryo, the Korean People's Army and five other powerful military and party entities. Both nations condemned the nuclear testing of North Korea but did not support an oil embargo as well as the other harsh sanctions for fear that economic pressure might destabilize North Korea. Also attracting attention was the omission of leader Kim Jong-un for the list of targets for sanctions. Any lasting solution to the Korean problem will require greater trust between China and the USA and sustained negotiations between all interested parties on long term security for the peninsula.
Moscow has long objected to USA missile shield plans, saying their real aim is to neutralize Russia's own nuclear arsenal, rather than meet the perceived threat from "rogue states". "Countries are already required to provide the UNSC notification by December 14 on the number of overseas North Korea workers there with established employment contracts and the contracts" anticipated expiration dates.
Other analysts point out that if Twitter is used with forethought when trying to resolve the North Korean crisis, there could be extraordinarily compelling results. The combined effects of the hiring restrictions on overseas workers and the textile export sanctions are predicted to cause as much as US$1 billion in losses for the North Korean economy. Especially as it does not believe measures like a full oil embargo would push North Korea to disarm but instead force it further into a corner. Provisions for the blocking and searching of vessels suspected of carrying weapons of mass destruction in global waters were softened to "requested" rather than mandatory status.
"We think it's a big mistake to underestimate this Russia, China initiative", Nebenzia said.
The final agreement was reached after negotiations between the USA and China, the North's ally and major trading partner.
Peru stressed that it was committed to a peaceful solution to the dispute and "strict compliance" with resolutions passed by the UN Security Council.