US Expands Sanctions against Iran

US expanding its sanctions against Iran because of concerns about its nuclear ambitions. Washington said the individuals and institutions targeted were helping Iran to develop its nuclear programme.

This is the first step in implementing sanctions adopted by the UN Security Council last week.

Those blacklisted include Iran's Post Bank, Defence Minister Ahmad Vahidi and the air force and missile command of the Revolutionary Guard Corps, reports BBC News.

The US sanctions prohibit any American business or individual from trading with those named on the blacklist. The sanctions also freeze any assets they may have under US jurisdiction.

"We will continue to target Iran's support for terrorist organisations, we will continue to focus on Iran's Revolutionary Guard, and we will continue to expose Iran's efforts to evade international sanctions," US Treasury Secretary Timothy Geithner told a White House news briefing.

Also on the list is a front company for the national shipping line, which is run by the Revolutionary Guards. The Treasury has designated 27 new ships and has updated entries for 71 others whose names had been changed.

The designation of Post Bank brings to 16 the total number of Iranian banks under sanctions. The US Treasury says Post Bank is a front for Bank Sepah, which was designated in 2007 for providing financial services to the Iranian missile industry.

The West accuses Iran of building a nuclear weapon, while Iran says its nuclear enrichment program is for peaceful purposes.