Washington, July 1 (IANS) US President Barack Obama will sign into law Thursday a new sanctions bill against Iran, the White House said.
The bill, passed last week by the House of Representatives and the Senate respectively, contains sanctions targeting Iran's energy and banking sectors, Xinhua reported.
Under the bill, businesses that help supply Iran with refined petroleum or help develop the country's own refining capacity would be penalised.
In addition, any financial institutions that do business with Iran's Islamic Revolutionary Guards or other blacklisted Iranian banks could be denied access to the US financial system.
The new measures came after the UN Security Council adopted a new resolution on the Iranian nuclear issue, prohibiting Iran from investing abroad in nuclear and enrichment operations and imposing new restrictions on Iran's import of conventional arms.