The United States and its European allies are assembling a list of sanctions against Iran over its defiance of a deadline to halt production of nuclear fuel, the New York Times reported on Thursday.

The proposed sanctions will begin with restrictions on imports of nuclear-related equipment and material. Eventually, punitive measures might expand to restrict travel by Iran's leaders and limit the country's access to global financial markets, the newspaper said.

In addition to efforts in the UN Security Council, the Bush administration is also seeking to persuade European financial institutions to end new lending to Iran.

Some Swiss banks have already quietly agreed to limit their lending, U.S. officials said.

The UN Security Council demands that Iran suspend its nuclear activities by Aug. 31. In its Resolution 1696, the Security Council for the first time made legally binding demands on Iran and issued a threat of sanctions.

Source: Xinhua