South Korea says it has persuaded China and Japan to take part in financial sanctions against North Korea.
It is invoking UN resolution 1695, passed in 2006, which makes it possible to introduce economic sanctions against North Korea for breaching its international obligations.
The government in Seoul wants all inflows of money to North Korea to be stopped.
If China, which has so far delayed announcing its own findings on the sinking of the Cheonan, does take part in the sanctions, it could make life even harder for President Kim Jong-il's regime.
We will see if this really happens at the UN.
If so, it sets the stage for even further ratcheting up tensions in the region.