U.N. close to sanctions deal to slash North Korea export earnings - diplomats

(Reuters) - The U.N. Security Council's five veto powers are close to approving new sanctions on North Korea to cut the isolated state's earnings from exports by more than a quarter, principally by targeting its coal exports to China, diplomats said on Friday.

The U.S.-drafted resolution, in response to North Korea's fifth nuclear test in September, would set a U.N. cap on North Korean coal exports with the aim of cutting hard currency revenues by at least $700 million.