"There is a significant prize in keeping the whole of the Security Council united", he told reporters.
North Korea rejected the measure.
North Korea has been dealing with sanctions for over a decade, but the country's nuclear march has been undeterred.
Beijing and Moscow have 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 program.
In June, President Donald Trump hardened his administration's approach on the issue, blacklisting a small Chinese bank over dealings with North Korea.
The measures contained in the resolution are estimated to diminish North Korea's export earnings by as much as Dollars $1.3 billion.
"We are very pleased with this package", the official said of the resolution, even though it required USA concessions to China and Russian Federation to win approval.
Such a policy could severely escalate tension, as any attempt to board or divert a North Korean vessel could trigger an exchange of fire. "They're putting down the marker here and saying, 'OK, are you prepared to do what is necessary to put pressure on North Korea at a moment when we're simply out of time?'"
The two measures would have had crippling effects on the North's economy.
The move came amid worldwide outrage over the pariah state's sixth nuclear test - its most powerful to date - earlier this month and its intercontinental ballistic missile launch in July. He warned that "It is up to the global community to see that these resolutions are implemented".
Bloomberg reported on Tuesday that a spokesman for China's government warned that the country will "never allow" war to break out between North and South Korea.
Labor leader Bill Shorten told parliament North Korea's defiance of worldwide law was not only a threat to its neighbours but the broader region and the world. "Secondly, you're right that sanctions take time to have an impact, but it's only over the previous year or so that the Security Council has been sanctioning sectors of the economy", speaking of the textile sector.
China supplies most of North Korea's crude.