The Ministry of Finance today issued a directive banning all economic contacts with Iran. The Ministry added that it would apply the international economic sanctions against Iran set out in UN Security Council resolutions.
Minister of Finance Yuval Steinitz sent the draft directive to the Knesset Foreign Affairs and Defense Committee for approval. The draft lists companies with substantial business ties with Iran. Israeli financial institutions will be banned from investment in these companies. The draft also sets out the criteria defining substantial commercial ties with Iran, and companies meeting these criteria will be added to the list.
Steinitz said, "This is an important step in tightening Israel's part in the economic sanctions against Iran, as part of Israel's commitment to international effort to frustrate Iran's ability to develop unconventional arms that threaten Israel and all Western countries."
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