The Security Council was scheduled to vote at 3 p.m. (1900 GMT) Saturday on the new raft of sanctions, diplomats confirmed.
The diplomat, who briefed reporters on the content of the draft, said he had "high confidence" that China and Russia would support the proposed sanctions. The binding resolution calls for a ban on the North's exports of coal, iron, lead and seafood.
"South Korea will continue its efforts to get North Korea to stop provocations and bring them out to the path of talks for denuclearization while responding sternly to North Korea provocations", it added.
A second test on July 28 further raised alarm about Pyongyang's drive to develop a missile capable of hitting the US mainland.
It will also restrict new joint ventures with North Korean companies and prohibit additional permits for North Korean workers abroad.
If properly implemented, the measures could potentially deprive North Korea of one billion U.S. dollars in annual export revenue.
Two resolutions adopted last year however have introduced economic sanctions with more bite.
After lengthy negotiations, the U.S. reached a deal on related measures with China, the top trading partner and ally of the North, they said.
The ban will make reclusive North Korea the only country to which US citizens are banned from travelling.
The report said the ban reflects Washington's view of Pyongyang as an enemy and reiterated that President Donald Trump's administration should abandon its hostile policies towards the North.
The United States and its allies have argued that tougher sanctions are needed to force North Korea to come to the negotiating table to discuss a halt to its military programs.
Aside from the threat of incarceration, North Korea's growing nuclear and missile threat is perhaps Trump's most serious security challenge.
The Russian defense ministry said in a statement on July 6 that parametric flight data of North Korea's July 4 missile launch "corresponds to the tactical and technical parameters of a medium-range ballistic missile".
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