The new law targets Iran’s refined petroleum sector and international financial institutions that do business with Iran’s Islamic Revolutionary Guard and with Iranian banks. It also places a ban on direct imports and exports to and from Iran and the United States (exempting food and medicine).

“This new law is essential to the security of Israel, the United States, and the entire civilized world,” B’nai B’rith International President Dennis W. Glick said. “Iran is still today the world’s greatest threat and this law will help prevent Tehran from realizing its ambitions to use nuclear weapons.”

President Obama delivered remarks emphasizing the law’s importance at the July 1 signing ceremony, which was attended by members of Congress and officials of the Obama administration.

“Consistent with the Security Council mandate, this legislation strengthens existing sanctions, authorizes new ones and supports our multilateral diplomatic strategy to address Iran’s nuclear programs,” Obama said. “There should be no doubt—the United States and the international community are determined to prevent Iran from acquiring nuclear weapons.”

“We have strongly advocated the most stringent possible sanctions against Iran and are pleased to see the president sign this bill into law,” Mariaschin said after the ceremony. “We are hopeful that it will be an effective deterrent to the terrible threat Iran poses to the world.”