Global General

Japan increases sanctions against Iran

(Xinhua)
Updated: 2010-09-03 16:11

TOKYO - The Japanese government decided on Friday to step up sanctions against Iran over its nuclear program.

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The additional sanctions included a freeze on the assets of those linked to nuclear development and tighter supervision of financial transactions. A total of 88 institutions and 24 individuals are targeted as subject to the asset freeze, Kyodo News reported.

Japanese financial institutions are asked to refrain from concluding correspondent contracts with Iranian banks suspected to be linked to the country's nuclear development activities, according to Kyodo News reports. Those Iranian banks are banned from opening branches in Japan, while Japanese financial institutions are also not allowed to do so in Iran.

There are also restrictions on fresh Japanese investments in oil and gas development projects in Iran.

The sanctions will be unilaterally carried out by Japan.

The fresh sanctions, approved by the Japanese Cabinet, added to the measures announced on early August in line with a UN Security Council resolution.

The UN Security Council on June 9 adopted a resolution to impose fresh sanctions on Iran after the country continued to defy international calls to comply with its obligations under the International Atomic Energy Agency in relation to its nuclear program.

Iran has been maintaining that its nuclear program is strictly for peaceful purposes.