The decision came after the fresh round of UN sanctions declared last week. “These new measures put Australia at the forefront of efforts to persuade Iran to reverse its current path of confrontation with the international community," informed Smith.
The sanctions delivered by Australia applies to Bank Mellat. UN had said that Bank Mellat has enabled transactions for the Iran nuclear and missile entities.
Islamic Republic of Iran Shipping Line, which had transported goods for Iran's nuclear programs, will be enforced with the sanctions.
The construction company which will face the Australian sanctions is Khatem ol-Anbiya Construction Organization.
Mr Smith added that there was still the scope for a dialogue, when expressing the deep concern about Iran's nuclear program.