New UN Iran sanctions ready for full Security Council debate

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The draft of a new set of more rigorous sanctions against Iran, to try to convince the Middle Eastern nation to suspend its uranium enrichment program, has been agreed to by the permanent members of the United Nations Security Council and Germany, which has also been participating in deliberations. The plan bans all arms exports out of Iran and toughens travel restrictions on senior officers of the Revolutionary Guard and other Iranian officials. Also included are additions to the list of institutions that are subject to assets freezes. The travel restrictions fall short of banning travel for the individuals listed, but requires that those on the list have their movements monitored and reported to a Security Council committee.China, one of the Security Councils permanent members, has voiced concerns over the addition to the assets freeze list of Bank Sepah, but it remained part of the draft. Bank Sepah has been targeted for its alleged involvement in supporting a number of institutions and organizations that have funded Irans nuclear and missile programs. The banks inclusion on the UN sanctions is important to the United States, which has been calling for sanctions on the bank, but European officials have said they would not impose independent sanctions against it unless it was named in the UN resolution.Among non-binding language in the resolution was a request for nations and financial institutions not to participate in financial dealings with Tehran. Even though these requests are not binding, it is expected that the World Bank and International Monetary Fund would comply with the request. The resolution does not contain proposed bans on export credit guarantees for companies that do business with Iran. China and Russia, and perhaps Germany as well, objected to the inclusion of such language.Before the new sanctions go into effect, they must be approved from the non-permanent members of the Security Council.