SEOUL, South Korea — South Korea said it will ban many financial dealings with Iran and impose other penalties as part of a U.S.-led campaign to enforce sanctions against the country over its disputed nuclear enrichment program.
The measures announced Wednesday by Seoul add to new, unilateral sanctions imposed by the U.S., Europe and others to pressure Iran to return to negotiations on its nuclear program, which Tehran insists is peaceful but critics say is a quest to develop atomic weapons that could spark a Middle East arms race.
Seoul targeted 102 entities with the sanctions, including the Iranian Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines plus 24 individuals , Foreign Ministry spokesman Kim Young-sun said Wednesday.
The measures prohibit foreign exchange transactions with the targets of the measures except with special authorization, and they also halt existing banking relations and prohibit the opening of new branches or representative offices in South Korea, Kim said.
The targeted individuals are also banned from entering South Korea, Kim said.
South Korea will also heavily penalize the Seoul branch of Bank Mellat, one of the 15 targeted Iranian banks, for violating laws on foreign exchange transactions, a government statement said, without elaborating.
