The measures taken by the Treasury under the Counter Terrorism Act 2008 against Bank Mellat and the Islamic Republic of Iran Shipping Lines was used specifically to mitigate the risks posed to the UK national interest by activity in Iran that facilitates the development or production of nuclear weapons. Where the Government identify such activities, they are committed to acting to curtail them.
We are clear that if Iran does not engage seriously in negotiations to restore the international community’s confidence in its nuclear programme, multilateral sanctions will be required. We are working closely with other EU member states to ensure that the EU is in a position to enact measures if this should prove necessary. At the present, the content of this work must remain confidential, but I will inform the House when it is possible to discuss these measures in more detail.