The Bush administration on Wednesday slapped financial sanctions on a major Iranian shipping line and its affiliates for allegedly helping to transfer arms.

The departments of State and Treasury announced the action against the Islamic Republic of Iran Shipping Lines and 18 of its affiliates for providing logistical services to Iran's defense arm.

The action means that any bank accounts or other finanical assets belonging to the company that are found in the United States are frozen. Americans also are forbidden from doing business with the company and its affiliates.