Photo: Reuters
Iran's President Mahmoud Ahmadinejad
Photo: Reuters
New bill prohibits economic ties with Iran
Knesset passes act banning investment in companies upholding ties with Iran. Opposition leader Netanyahu, who championed bill says economic sanctions 'proven to change countries' policies'

The Knesset on Wednesday approved a bill prohibiting all business institutions from investing in companies upholding ties with Iran.


The bill was put forward by Opposition leader MK Benjamin Netanyahu (Likud) in an effort to broaden the economic sanctions on Iran and thus to hinder its nuclear progress. The new law carries a sentence of 25 years in prison.


Following the vote in favor of his proposal, Netanyahu said that "the Islamic Republic of Iran constitutes a danger to world peace and the existence of the State of Israel; and it has been proven that economic sanctions cause definite changes in the international and political policies of countries worldwide."


According to Netanyahu, "avoiding contact with companies and corporations that uphold ties with Iran will put pressure on them to quit these ties.


"In the approval of this bill Israel has demanded that the countries of the world commit themselves to prohibiting Iran from developing nuclear weapons."


The bill took over a year to approve, despite its urgent status. It was approved in an initial reading in March of 2007, and since then has undergone many debates in the Knesset, until it was finally approved on Wednesday.


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