British Foreign Secretary, David Miliband, has announced the confiscation of more than $1billion of Iran's assets by his country.

The British official put the exact amount of confiscated Iranian assets at $1.06 billion.

He claimed that the European countries are not obliged to announce the confiscation of Iranian possessions, but they are required to cease financial transactions with Iranian entities due to the imposed sanctions against the country for its nuclear program.

Miliband noted that according to the Academic Technology Approval Scheme (ATAS) which supervises the education of non-European students in the nuclear field, Iranian students are banned from studying nuclear sciences.

However, the minister could not give the exact number of Iranian students in Britain who are studying nuclear sciences or the number of Iranian graduates in the field over the last five years.

He also announced plans are under study to cut LC for exports to Iran.

AO/JC/PA