US Will Pay Dearly For All Their Heinous Crimes - North Korea

North Korean state media has slammed the latest round of sanctions approved by the United Nations, calling them a "flagrant violation of our sovereignty." It vowed retaliation against Washington.

The UN Security Council unanimously adopted new sanctions Saturday in response to Pyongyang's long-range ballistic missile tests on July 4 and July 28.

The measures aim to make it harder for North Korea to make money across the globe. They target North Korea's primary exports -- including coal, iron and seafood -- and attempt to cut off its additional revenue streams by targeting some of its banks and joint ventures with foreign companies.

Speaking at the ASEAN Regional Forum on Monday, North Korean Foreign Minister Ri Yong Ho blamed the US for the current situation on the Korean Peninsula and said Pyongyang's "possession of nuclear weapons and intercontinental ballistic missiles is a legitimate option for self-defence in the face of a clear and real nuclear threat posed by the US," according to a statement released by North Korea.

"We will, under no circumstances, put the nukes and ballistic rockets on the negotiating table," Ri said, adding Pyongyang would "teach the US a severe lesson" if it used military force against North Korea.

Later on Monday North Korea released a statement via its permanent mission to the United Nations calling the United States "frenzied" and "desperate." The statement said the US is "trying to drive the situation of the Korean peninsula to the brink of nuclear war, running amuck to conduct missile drill against the DPRK and deploying massive strategic equipment to the peninsula."

North Korea's state-run KCNA news agency said the country's missile launches were a "stern warning to the US," and warned Washington against "believing that its land is safe across the ocean."

KCNA accused the US of "trying to drive the situation of the Korean Peninsula to the brink of nuclear war" and pushing the UN to pass new sanctions.

"(North Korea) will make the US pay dearly for all the heinous crimes it commits against the state and people of this country," KCNA said.

In other developments:

·        

      US Secretary of State Rex Tillerson said the US would be open to dialogue "when the conditions are right."

·         The foreign ministers of North and South Korea spoke in a rare but brief exchange between the two countries.

·         President Donald Trump spoke to his South Korean counterpart Moon Jae-In, tweeting in praise of the sanctions

·         China says that the situation on the Korean Peninsula had reached a "critical point of crisis," but added that it was a "turning point for negotiations."