Any corporation doing business with Iran, directly or indirectly, will face sanctions, according to a law passed by the Knesset on Monday.

The bill passed its third and final reading with 47 in favor and three opposed.

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“We need to work so these sanctions have a chance to fulfill their goal, so we can avoid using force against Iran,” Knesset Foreign Affairs and Defense Committee chairman Ronnie Bar-On (Kadima) said in the plenum.

Bar-On scolded Hadash MKs Dov Henin and Muhammad Barakei for saying the bill represents “voices of war,” explaining that war is exactly what the legislation is meant to prevent.

Although the Kadima MK is a vocal critic of Prime Minister Binyamin Netanyahu, he denied the Hadash MKs’ claim that the bill is meant to help the prime minister politically, saying it is “worthy and necessary.”

According to the new law, 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. Helping includes dealing with foreign companies that work with or in Iran.

A staff dedicated to sanctions in the Finance Ministry will determine who is aiding Iran.

Earlier this month, Bar-On called for Israel to lead the way in the economic battle against Iran.

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Iranian threat

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.”