The U.S. is preparing to impose financial sanctions on Iran for the first time since this past summer’s agreement on Tehran’s nuclear program, according to a published report.

The Wall Street Journal, citing U.S. officials, reported that the sanctions would be aimed at companies and individuals in Iran, the United Arab Emirates and Hong Kong for their alleged role in developing Iran’s ballistic missile program.

The sanctions would forbid U.S. or foreign nationals from conducting business with the blacklisted firms, as well as freeze any assets the companies or individuals hold inside the American financial system.

The Wall Street Journal reports that part of the justification for the sanctions is ongoing ties between Iran and North Korea, including the alleged purchase of components from a North Korean firm and the dispatching of Iranian technicians to North Korea since 2013 to develop a rocket booster.

According to the Journal, if the Treasury Department goes through with the sanctions, it would do so in the face of defiance from Iran, which claims that any new sanctions would be viewed by the country’s supreme leader as a violation of the nuclear deal. For its part, the Treasury says it retains the right to punish Iranian entities allegedly involved in missile development, international terrorism, and human rights abuses.

Read the article “US Reportedly Preparing Fresh Sanctions over Iran Ballistic Missile Program” on foxnews.com.