SEOUL, Nov. 18 (Xinhua) -- South Korea will ban all unauthorized financial transactions with Iran starting next year as part of sanctions against the country for its controversial nuclear program, local media reported Thursday.

The finance ministry said individual financial transfers involving 40,000 euros or more must get a prior permission from the Bank of Korea. Financial deals involving more than 40,000 euros over twelve months should also be authorized beforehand, according to local media.

Transactions related to medical equipment, health services, food and items for humanitarian purposes are not required to notify the authorities in advance, but must report it later.

The plan is part of Seoul's independent sanctions on Tehran for its nuclear program that Washington believes is a cover for developing nuclear arms. Iran denies the charge and warned of financial damage to South Korean firms tapping into the growing Iranian market.(Wang Guanqun)