(Agencies)
Updated: 2007-10-25 22:57

The United States hopes the measures will increase pressure on Iran to take a deal offered last year that would give the oil-rich country economic and other incentives in exchange for dropping nuclear activities that could produce a bomb.

Iran has ignored previous, smaller attempts to apply international and financial sanctions, and says the conditions Washington has set for talks are unacceptable. Iran is continuing work on its nuclear program, which it says is peaceful.

The sanctions will cut off more than 20 Iranian entities, including individuals and companies owned or controlled by the Revolutionary Guards, from the American financial system and will likely have ripple effects throughout the international banking community.

State-owned banks Bank Melli, Bank Mellat and Bank Saderat were named supporters of global terrorist groups for their activities in Afghanistan, Iraq and the Middle East.

Iran's Iranian Revolutionary Guard Corps and its Ministry of Defense and Armed Forces Logistics were designated proliferators of weapons of mass destruction and ballistic missile technology.

The Revolutionary Guards, also known as the IRCG, is the largest component of Iran's military and has influence in business and other spheres. The defense ministry entity is the parent organization for Iran's aerospace and ballistic missile operations.

The Quds Force is a part of the Guard Corps that Washington accuses of providing weapons, including powerful bombs blamed for the deaths of US soldiers in Iraq.

Thursday's actions mean that any assets found in the United States belonging to the designated groups must be frozen. Americans are also forbidden from doing business with the designated organizations.

Importantly, the designations also put companies outside the United States on notice that doing business with the designated groups could put them at risk of US financial penalty.

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