(CNN) -- South Korea on Wednesday announced sanctions against Iran -- including government scrutiny of most financial transactions involving the country -- as part of global efforts to quash Tehran's suspected nuclear program.
A key Iranian bank also will face "a heavy penalty," said South Korean Foreign Ministry spokesman Kim Young-sun, according to state media.
The Seoul branch of Iran's Bank Mellat has allegedly facilitated hundreds of millions of dollars in transactions for Iranian nuclear, missile and defense agencies, the Yonhap news agency said.
Korea also will expand a sanctions blacklist to limit the foreign-exchange transactions of more than 100 people and Iranian entities; step up inspections of suspicious cargo to and from Iran; put those blacklisted on a travel ban; and limit investments in Iran's gas and oil refinery industries.
The blacklisted entities include Bank Mellat, the Islamic Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines, according to Yonhap.
The United States, a key South Korean ally, has lobbied other nations to step up sanctions against Iran. The European Union, Canada and Japan are among those that have done so.
CNN
