Treasury announces new Iran sanctions

WASHINGTON, June 16 (UPI) -- The U.S. Treasury Department Wednesday announced new sanctions against Iran, targeting Tehran's nuclear and missile programs.

The actions highlight Iran's use of the financial sector, shipping industry and Islamic Revolutionary Guards Corps to carry out and mask its proliferation activities, Treasury Secretary Timothy Geithner said at a White House briefing.

Geithner called the restrictions the first step for the United States in implementing sanctions adopted by the United Nations last week. The U.N. Security Council approved stronger sanctions against Iran to hamper its nuclear industry, impose an embargo on sales of heavy weapons and push for ship inspections.

"We are adding to our list of sanction entities a number of institutions and individuals who are helping Iran finance nuclear and missile programs and to evade international sanctions.," Geithner said. "Our actions today are designed to deter other governments and foreign financial institutions from dealing with these entities and thereby supporting Iran's illicit activities."

Iran has insisted its nuclear program is for peaceful purposes but the International Atomic Energy Agency has been unable to secure full cooperation for its inspections and western powers have said there is evidence Iran is attempting to develop nuclear weapons.

Treasury ordered an end to transactions with Post Bank of Iran for providing services to Bank Sepah, which was cited in 2009 for providing financial services to Iran's missile industry; the Islamic Revolutionary Guard Corps "entities and individuals"; the guard's air force and missile command; Rah Sahel and Sepanir oil and Gas Engineering Co.; a number of individuals, including Mohammad Ali Jafari, commander-in-chief of the Revolutionary Guard, and Mohammad Reza Noqdi, head of the guard's Basij Resistance Force, and five Islamic Republic of Iran Shipping Lines front companies.