The United Kingdom introduced fresh trade sanctions against Iran targeting its defense industry on Monday, a week after accusing Iran of delivering ballistic missiles to Russia.
The new measures aim to cut off financing and delivery to Iran of material deemed to have military uses.
“These measures will disrupt Iran’s production and supply of unmanned aerial vehicles and missiles, and further increase the pressure on Iran’s defense industry,” the UK government said in a statement.
But with potential costs to Iran estimated at below £10 million annually according to the statement, the economic impact on Tehran may prove minimal.
The UK has advocated for allowing Ukraine to use Western long-range missiles inside Russia and British naval forces have been deployed to the Red Sea for nearly a year to guard commercial shipping against attacks from the Iran-backed Houthi group in Yemen.
The United States and top European allies the UK, France and Germany hit Iran’s state carrier Iran Air with sanctions last week for ballistic missile deliveries to Russia – accusations Iran denies.
Speaking at his first press conference since becoming president in July, Iran’s new president Masoud Pezeshkian denied any transfers had occurred during his tenure.
“I won’t comment on the past or whether any missile exchanges have taken place, but since we have come into office, we have not delivered any,” Pezeshkian said on Monday.
Pezeshkian said the resolution of the standoff over Iran’s disputed nuclear program could ease sanctions and help alleviate the country’s economic woes.
G7 statement
The fresh Western sanctions come as a blow to Pezeshkian’s campaign promises to seek better relations with Europe.
G7 governments vowed to introduce more punitive measures against Iran last week, condemning Tehran’s alleged delivery of missiles to Russia.
"Iran must immediately cease all support to Russia's illegal and unjustifiable war against Ukraine and halt such transfers of ballistic missiles, UAVs, and related technology," G7 foreign ministers said in a joint statement on Saturday.
"We remain steadfast in our commitment to hold Iran to account for its unacceptable support for Russia's illegal war in Ukraine”.