U.S. President Barack Obama on Thursday signed the new Iran sanction bill into law which is described by him as "striking at the heart" of Iranian government' s nuclear ability.

US President Barack Obama, surrounded by members of Congress and his administration, signs the Iran Sanctions Bill in the East Room of the White House in Washington, DC, July 1, 2010.[Xinhua]

The bill, signed in the East Room of the White House, imposes tough new sanctions "striking at the heart of Iranian government ability to fund and develop its nuclear program", Obama said in a statement released by the White House.

The legislation was approved by U.S. Senate and House in quick succession On June 24.

"We are showing the Iranian government that its actions have consequences," Obama said, warning that if Iran persists its current course, "the pressure will continue to mount, and its isolation will continue to deepen."

"There should be no doubt -- the United States and the international community are determined to prevent Iran from acquiring nuclear weapons," he said.

The new sanctions, described by Obama as the "toughest" ones ever passed by the congress, penalize international firms assisting Iran's energy industry and ban U.S. banks from dealing with foreign banks linked to its Revolutionary Guards or nuclear programs.