(CNN) -- The South Korean government announced expanded sanctions against Iran Friday, blacklisting more than 100 firms and individuals.
"Ninety-nine companies and 6 individuals have been added to the list, all related to Iranian nuclear weapon development," said Kim Young-min with the finance ministry.
Last year, South Korea blacklisted 102 organizations and 24 individuals.
The government also warned South Korean companies that "they may find disadvantages when doing business with the U.S. if they contribute to the Iranian petroleum industry or petrochemical maintenance expansion," Kim said.
How Iran sanctions can impact US economy
The latest sanctions are part of a U.S.-led, but international effort to tighten the screws around the Iran's suspected nuclear weapons program.
Britain has cut all financial ties with Iran, the first time it has cut an entire country's banking sector off from British finance, the British Treasury announced in November.
Similarly, Canada has implemented a series of tougher sanctions, prohibiting almost all financial transactions with the Iranian government.
Russia and China have been reluctant to impose strong sanctions against Iran.
The moves followed an International Atomic Energy Agency report highlighting new concerns about "the possible military dimensions of Iran's nuclear program."
Iran says its nuclear program is peaceful and has called the U.N. watchdog's report "unbalanced" and "politically motivated."
CNN's Paula Hancock contributed to this report
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