US, UK, Canada Coordinate Iranian Sanctions

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JERUSALEM, Israel -- New, coordinated sanctions by the U.S., Great Britain and Canada targeting Iran's nuclear, financial and energy sectors will be announced Monday, ABC News reported.

The sanctions are intended to "plug key gaps" that have allowed Iran to "work around existing sanctions on its energy and financial sectors," rendering them less effective than intended.

The report cites new sanctions on Iran's petrochemical industry, meant to deter foreign investment in this industry, which has increasingly turned from producing Styrofoam and plastic products to refining petroleum to circumvent previous sanctions.

According to the report, the U.S. Treasury will issue a statement on widespread money laundering by Iranian financial institutions, which will require American banks to ensure that their foreign accounts aren't conducting business with those institutions.

The sanctions also include additional Iranian companies involved in developing the nuclear program as "undesirable business partners" for foreign investors.

The latest round of sanctions follow the International Atomic Energy Agency's report, released Nov. 8, providing "credible" evidence that Iran has been working toward developing nuclear weapons all along.

The European Union is working on its own sanctions, expected to be announced early next month.   

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