That's 2200 GMT
The US has watered down the proposal to remove provisions that would have meant an oil embargo, according to a report from Bloomberg.
The revised resolution would cap petroleum product shipments at 2 million barrels per year and limit oil exports to current levels. Textiles would be banned but proposals to freeze Kim's assets and the assets of Air Koryo was removed.
Russia and China don't believe further sanctions will work and may veto the proposal.
North Korea has responded with the usual bluster.
"In case the U.S. eventually does rig up the illegal and unlawful 'resolution' on harsher sanctions, the DPRK shall make absolutely sure that the U.S. pays a due price," its state-run Korean Central News Agency said, citing a statement by the Ministry of Foreign Affairs. "The forthcoming measures to be taken by the DPRK will cause the U.S. the greatest pain and suffering it had ever gone through in its entire history."
The Japanese press reports that US and North Korean officials were holding informal talks in Switzerland.
