US Prepares New Sanctions For Ballistic Iranian Missile Program

Firms and individuals in Iran, Hong Kong and UAE reportedly targeted following launch of missile in October.

The US has confirmed that Iran tested a nuclear-capable ballistic missile. (Photo: Reuters)

President Barack Obama’s administration is preparing new sanctions on international companies and individuals over Iran’s ballistic missile program, sources familiar with the situation said on Wednesday.

<p>The potential sanctions would target about 12 companies and individuals in Iran, Hong Kong and the United Arab Emirates for their suspected role in developing Iran’s ballistic-missile program. </p>

<p><b> The Wall Street Journal</b></p>

Iranian officials have said the country’s supreme leader would view such penalties as violating the nuclear accord.

Diplomats have said it was possible for the sanctions committee to blacklist additional Iranian individuals or entities over the missile launch. But they said Russia and China, which have opposed the sanctions on Iran’s missile program, might block any such actions.

Leaders from all six world power discuss Iran nuclear deal in July 2015. (Photo: Reuters)

<p>A medium-range Emad rocket that Iran tested on 10 October was a ballistic missile capable of delivering a nuclear warhead, making it a violation of a UN Security Council resolution.</p>

<p><b>Confidential report seen by <i>Reuters</i></b></p>

Tehran has disputed the Western assessment that the Emad missile was capable of delivering a nuclear warhead.

The Journal said the planned Treasury Department sanctions concerned two Iran-linked networks involved in developing the country’s missile program and include many of the people involved.

The sanctions would prohibit US or foreign nationals from conducting business with the companies. US banks would also be required to freeze any assets the companies or individuals hold inside the American financial system.

US officials have said the Treasury Department retains a right under July’s landmark nuclear agreement between Iran and six world powers including Washington to blacklist Iranian entities suspected of involvement in missile development.

Representatives of seven world powers and Iran in Switzerland during the nuclear deal discussion. (Photo: Reuters)

The Treasury is also preparing to sanction five Iranian officials at the country’s defence ministry and its subsidiaries for work on the ballistic-missile program, according to the newspaper.

<p> Among those targeted would be UAE-based Mabrooka Trading Co LLC and its founder, Hossein Pournaghshband, for aiding Iranian state companies in acquiring carbon fiber for Iran’s missile program.</p>

<p><b> Treasury statement</b></p>

The Journal said reasons for the potential sanctions included ties the Treasury is alleging between Iran and North Korea on missile development.

(With inputs from Reuters)