Australia imposes new sanctions on Iran

Australia has added trade in oil and gas as well as 98 Iranian companies, active in the financial and transportation sector to its new set of sanctions against Iran.

Australian foreign minister, Stephen Smith declared: “In adopting this package, Australia stands at the forefront of international community efforts to have Iran meet its international obligations in relation to its nuclear program, one of the most serious security challenges facing the international community."

Associated Press reports that 17 branches of Melli Bank of Iran and 26 companies with ties to Iranian shipping industry in addition to 12 individuals are included on the new Australian sanctions against Iran.

The Islamic Republic has been the target of new sanctions imposed by the UN Security Council. The UN resolution in June opened the way for a series of further sanctions imposed by the European Union as well as unilateral sanctions by the US, Canada and Australia.

Australian sanctions “include a trade ban on all arms and related material, including anything that could be used for nuclear, missile, chemical and biological weapons development,” AP reports.

Iran’s oils and gas sector are also included in the sanctions for the first time and according to Associated Press Foreign Minister Smith cited the “link between the revenue generated by that sector and funding for Iran's proliferation activities” for the inclusion of this sector.

Australian companies and individuals are also prohibited from dealing in uranium mining and trade in nuclear and missile technology with Iran, according to Smith.

Last month Australia boycotted two Iranian companies and a commander of the Revolutionary Guards company, Khatam-ol-Anbia.

In the meantime, the European Union has recently approved wider sanctions against the Islamic Republic which includes ban on investments in Iran’s oil and gas projects.

The EU sanctions establish the need for inspection of Iranian ships and restriction on companies and individuals tied to the Revolutionary Guards.

While the West suspects Iran of pursuing nuclear arms, Iran insists that its nuclear activities are all peaceful.