The United Nations has unanimously approved new sanctions on North Korea following its sixth nuclear test.
The resolution is not as harsh as the US wanted as it does not include an oil import ban or international asset freeze on the government and leader Kim Jong-un.
It does however ban the pariah state from importing all natural gas liquids and condensates.
But it only caps Pyongyang's imports of crude oil at the level of the last 12 months, and it limits the import of refined petroleum products to 2 million barrels a year.
The United States watered down an initial tougher draft resolution to win the support of North Korea's ally China and Russia.
The resolution also bans all textile exports and prohibits all countries from authorizing new work permits for North Korean workers.
North Korea is already under UN sanctions in an effort to force Kim Jong-un to stop the development of nuclear weapons.
Foreign Secretary Boris Johnson says the world is "united against the illegal and reckless acts by the North Korean regime".
Mr Johnson said the new measures were "the most stringent UN sanctions regime placed on any nation in the 21st century".
He said: "The international community has shown it is united against the illegal and reckless acts by the North Korean regime.
"This resolution will curtail gas, petrol and oil imports. It will ban all textile exports, taking hundreds of million dollars from the export revenues that the North Korean regime uses to fund its illegal nuclear and ballistic missile programmes. And it will end the exploitation of DPRK labourers abroad.
"The North Korean regime bears full responsibility for the measures that the UN Security Council has enacted today. It is their continued, illegal and aggressive actions that have brought us to this point, and it is North Korea that must change its course."
South Korea and Japan have welcomed the UN Security Council's new sanctions.
Japanese Prime Minister Shinzo Abe said that he highly appreciates what he called "a remarkably tough sanctions resolution."
He added that "it is important to put an unprecedented level of pressure on North Korea to make it change its policies."
Park Soo-hyun, a spokesman for the South Korean president, said he thinks it is significant that China and Russia agreed on the need for stronger sanctions than previous ones.
He said South Korea respects the consensus reached by the international community.