Switzerland Freezes Iranian Assets

(Geneva, Switzerland) In accordance with UN sanctions, Switzerland said today that it has frozen the assets of 12 Iranian companies.

The 12 companies, and 13 individuals, have been added to an existing blacklist of 23 companies and 27 people. Five Iranian nationals are also banned from entering and passing through Switzerland, the country's Federal Council said in a statement.

Switzerland will also ban the delivery of so-called "dual use" materials that could be used for the manufacture of nuclear plants, and the export of some drones and missiles, the statement said.

The UN Security Council last month imposed its third set of sanctions against Iran in the space of 15 months to punish Tehran's refusal to suspend uranium enrichment, which world powers fear Iran could use to make nuclear weapons.

The resolution gives Iran three months to comply with demands to suspend uranium enrichment, and includes an outright ban on travel by officials involved in Tehran's nuclear and missile programmes, as well as broadening a list of individuals and entities subject to an assets freeze.

It's not clear what impact the freeze will have but it must sting.