The U.N. Security Council has reportedly agreed to sanction up to eight North Korean individuals allegedly involved in the North's recent nuclear test and missile launches.

The Security Council will also impose sanctions on an additional four to five North Korean firms and banks following the April 24th agreement to freeze overseas assets of three North Korean companies and banks.

As a result, a total of around eight North Korean companies will be subject to sanctions.

A UNSC official said Wednesday that sanction committee member countries have neared an agreement on the matter and will report the panel’s decision to their respective governments. The sanctions cannot be enacted until they are approved by the governments.