The US Treasury Department said the sanctions are aimed at the individuals and organizations involved in the efforts to help the Iranian government source the manufacturing of critical materials needed for Tehran's ballistic missile program.

In response, an advisor to Iran’s Supreme Leader Ali Khamenei said that Tehran could accept extensive restrictions on its nuclear program in exchange for the lifting of economic sanctions.

Iran would commit to never developing nuclear weapons, eliminate its stockpile of highly enriched uranium, enrich uranium only to low levels necessary for civilian purposes, and allow international inspectors to monitor the process.