All five veto-wielding members of the UN Security Council have backed a draft resolution for a fourth set of sanctions against Iran.
The measures will target the country’s banking system among other industries and also call for cargo ship inspections.
After months of negotiations with Britain, China, Russia, France and Germany, the US handed over the draft resolution on Tuesday.
It is a response to Iran’s continued refusal to halt nuclear enrichment, flouting a UN ban.
“The draft resolution will both build on existing UN sanctions on Iran and give them additional teeth,” said US Ambassador to the UN, Susan Rice.
The move comes hours after Brazil and Turkey brokered a deal with Iran to swap enriched uranium for fuel rods for a medical research reactor.
“Brazil is not engaging in any discussion on a draft at this point because we feel that there is a new situation,” said Maria Luiza Ribeiro Viotti, Brazil’s Ambassador to the UN. “There was an agreement yesterday which was a very important one.”
The fuel swap was seen as an attempt by Tehran to delay sanctions. However, Washington’s UN Ambassador said the deal was too little, too late.