South Korea said yesterday it will ban unauthorized financial dealings with Iran and impose other penalties as part of a US-led campaign to enforce sanctions against the country over its disputed nuclear enrichment program.

Seoul targeted 102 entities, including the Iranian Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines, and 24 individuals for the sanctions. Foreign Ministry spokesman Kim Young-sun said.

The measures prohibit unauthorized foreign exchange transactions with the targets of the measures, halt existing banking relations, and prohibit the opening of new branches or representative offices in South Korea, Kim said. The individuals are also banned from entering South Korea, Kim said.

South Korea will also heavily penalize the Seoul branch of Bank Mellat, one of the 15 targeted Iranian banks, for violating laws on foreign exchange transactions, a government statement said, without elaborating.

The Seoul branch of Bank Mellat has "facilitated hundreds of millions of dollars in transactions for Iranian nuclear, missile and defense entities," the statement said.

Kim said the sanctions further reinforce United Nations resolution 1929 against Iran, the latest in a series of measures taken by the international community in an effort to halt Iran's nuclear program.

"South Korea expects Iran to join international efforts for nuclear non-proliferation and take steps to faithfully implement its obligations under the relevant UN Security Council resolutions,” he said.