Steinitz to declare new Iran sanctions

Embargo will prohibit all economic contact with Islamic Republic, define country as enemy state; gov't to publish blacklist of firms with Tehran ties.

July 21, 2011 16:29
1 minute read.

Finance Minister Yuval Steinitz 311. (photo credit: Courtesy: Ministry of Finance spokesperson)

Finance Minister Yuval Steinitz will soon announce new sanctions against Iran, which will define the Islamic Republic as an enemy nation and prohibit all economic contact with it or to its benefit, Treasury sources said on Thursday.

The ministry will also publish a list of bodies with connections to Iran, outlawing all trade with them.

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Steinitz sent a draft regulation prohibiting investment in corporations doing business with Iran to the Knesset Foreign Affairs and Defense Committee on Thursday morning. The regulation constitutes one step in the measures approved by the cabinet on April 17 against Iran’s nuclear efforts, the ministry said.

The draft regulation sets the criteria for what defines a business relationship with Iran, and requires that any company found to have fulfilled the criteria be placed on a blacklist of firms in which it is prohibited to invest.

“This is a significant step that strengthens Israel’s part in the economic sanctions against Iran, as part of the State of Israel’s commitment to the international effort to thwart Iran’s ability to develop nonconventional weapons, which will threaten the existence of Israel and the West,” Steinitz said.

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