WASHINGTON, Aug 26: The Bush administration has indicated it is prepared to form an independent coalition to freeze Iranian assets and restrict trade if the UN Security Council fails to penalise Tehran for its nuclear enrichment program, The Los Angeles Times reported on Saturday.

A Security Council resolution gives Iran until Aug 31 to stop uranium enrichment, which could provide fuel to produce electricity or possibly atomic weapons, or face penalties.

US Ambassador John Bolton said in an interview this week that the US planned to introduce a resolution imposing penalties such as a travel ban and asset freeze for key Iranian leaders soon after the Aug 31 deadline, the Times reported.

It said Mr Bolton seemed optimistic that Security Council members China and Russia, which have been reluctant to impose sanctions, would agree to it once they saw the text. “Everybody’s been on board,” the Times quoted him as saying.

But on Friday Russia rejected for now efforts to impose sanctions after Tehran agreed to continue talks.

In case Moscow and Beijing do not accept the resolution, Washington is working a parallel diplomatic track outside the United Nations, Mr Bolton said.

The Times said Mr Bolton and US Treasury officials refused to provide details on which countries might be interested in joining in sanctions, citing the ‘sensitivity’ of the talks.—Reuters