On December 11, 2012, Minister Baird announced further sanctions against Iran under the Special Economic Measures Act in response to Iran's continued lack of cooperation with the IAEA and the P5+1 group (UNSC permanent members + Germany), which has engaged in negotiations with Iran on its nuclear program, and to maintain unity and consistency with the latest measures adopted by the European Union and other countries.

The new measures impose an assets freeze and dealings prohibition on 98 new entities of proliferation concern, and one additional individual. They also prohibit the export to Iran of: different types of goods used in the shipbuilding, mineral exploration, mining, metal production, and telecommunications industries; vessels designed to transport or store crude oil or its products; hard currency totalling $40,000 or more in value; and new goods of proliferation concern. The expanded measures also prohibit the import of natural gas, oil, petroleum or petrochemical products from Iran; the provision of marketing and other financial or related services in respect of prohibited goods; the provision of flagging or classification services to Iranian oil tankers or cargo vessels; and the provision of insurance and reinsurance to Iran or any entity in Iran.

In order to relieve some of the pressure on ordinary Iranians, recent Iranian immigrants to Canada, and family members of persons in Iran, the Iran Regulations were also amended to allow all financial banking transactions of $40,000 and under between family members in Canada and family members in Iran.