Global General

US hits Iran with new sanctions

(Agencies)
Updated: 2010-12-01 14:37

WASHINGTON - The Obama administration on Tuesday slapped new sanctions on Iran over its suspect nuclear program, targeting companies for funding Iran's development and spread of weapons of mass destruction.

The Treasury announced it had blacklisted 10 Iranian businesses affiliated with the country's state bank and national shipping lines as well as five executives from those firms. The sanctions freeze any assets they may have in US jurisdictions and bar them from any dealings in the US financial system.

"As long as Iran uses front companies, cut-outs and other forms of deception to hide its illicit activities, we intend to expose this conduct and thereby counteract Iran's attempts to evade US and international sanctions," said Stuart Levey, the under secretary for terrorism and financial intelligence.

"Today's actions will help governments, banks and other private companies around the world ensure that they do not inadvertently facilitate Iran's proliferation and support for terrorism."

The companies and individuals named are linked to the Islamic Republic of Iran Shipping Lines and Bank Mellat, both of which are already under US sanctions for their alleged support of Iran's nuclear and ballistic missile programs.

They include the Pearl Energy Company, a Malaysian-based firm owned by a branch of Bank Mellat, its director, a Pearl Energy subsidiary, along with four officials from the shipping line and eight of its front companies based on the Isle of Man.