Israel must lead the way in the economic battle against Iran, Knesset Foreign Affairs and Defense Committee chairman Ronnie Bar-On (Kadima) said on Tuesday.

The committee authorized for its second and third (final) Knesset votes a bill sanctioning any corporation that does business with or in Iran. In addition, any business indirectly helping Tehran by dealing with foreign companies that work with or in Iran will face limitations.

Any business found to be helping Iran will not have economic rights in Israel, including putting in bids, receiving permits and licenses, as well as receiving economic aid from the government.

According to the bill, a staff dedicated to sanctions in the Finance Ministry will determine who is aiding Iran.

Shuki Friedman, chairman of the committee for sanctions against Iran in the Prime Minister’s Office, said the purpose of the bill is to create a high standard and set an example for the rest of the world.

“It cannot be that a company that sells to Iran will enjoy the fruits of economic activity in Israel,” Friedman said. “We are aware that some Israeli companies will suffer from these limitations, but that is the price of the battle with Iran.”

Bar-On pointed out that in the public discourse in Iran, many officials have said “all options are on the table,” and sanctions are one of those options.

“This bill is the State of Israel’s moral compass, and we hope to use it to set an example for the nations of the world,” he stated. “It is necessary as part of the civilian effort against Iran.”

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