Iran's assets in Europe to be frozen

LONDON, June 16 (UPI) -- European leaders will agree to freeze Iran's financial assets to pressure Iran to end its nuclear enrichment effort, British Prime Minister Gordon Brown said.

"Today (Monday) Britain will urge Europe, and Europe will agree to take further sanctions against Iran," Brown said Monday during a news conference with U.S. President George Bush in London.

The actions include a freeze on overseas assets of Iran's biggest bank, Melli bank, and a new round of sanctions on oil and gas.

Bush reiterated his preference to persuade Iran to end its uranium enrichment program through diplomacy but would not rule out force if Tehran didn't comply with international demands over its nuclear activities.

"Now's the time to work together to get it done," Bush said. "All options are on the table, however."

Iran has refused to suspend its enrichment program, which can provide fuel for power plants or nuclear weapons, drawing three rounds of sanctions by the United Nations since 2006.

It was reported that Iran last week began withdrawing about $75 billion in assets from European financial institutions.