Jan 25 (Reuters) - Following are key excerpts from "elements" of a third round of sanctions circulated to the U.N. Security Council on Friday.

The proposal was agreed to by Britain, France, Germany, the United States, Russia and China and will be the basis of a formal resolution intended for the Security Council to approve in the next few weeks.

VOLUNTARY TRAVEL RESTRICTIONS

"Calls upon all States to exercise vigilance and restraint regarding the entry into or transit through their territories of individuals who are engaged in, directly associated with or providing support for Iran's proliferation sensitive nuclear activities or for the development of nuclear weapon delivery systems."

This affects people "engaged in, directly associated with or providing support for Iran's proliferation sensitive nuclear activities or for the development of nuclear weapon delivery systems, including through the involvement in procurement of the prohibited items, goods, equipment, materials and technology specified (in an earlier resolution)."

MANDATORY TRAVEL BANS

"Decides that all States shall take the necessary measures to prevent the entry into or transit through their territories of individuals designated in Annex II to this resolution ... provided that nothing in this paragraph shall oblige a state to refuse its own nationals entry into its territory."...

FREEZING OF ASSETS

The proposal calls for an expansion of earlier asset freezes, saying they "shall apply also to the persons and entities listed in Annex I and III to this resolution, and any persons acting on their behalf or at their direction, and to entities owned or controlled by them."

EXPORT CREDITS

"Calls upon States to exercise vigilance in entering into new commitments for public provided financial support for trade with Iran, including the granting of export credits, guarantees or insurance, to their nationals or entities involved in such trade in order to avoid such financial support contributing to the proliferation sensitive nuclear activities, or to the development of nuclear weapon delivery systems."

MONITORING FINANCIAL INSTITUTIONS

"Calls upon States to exercise vigilance over the activities of financial institutions in their territories with all banks domiciled in Iran, in particular with Bank Melli and Bank Saderat, and their branches and subsidiaries abroad, in order to avoid such activities contributing to the proliferation sensitive nuclear activities, or to the development of nuclear weapon delivery systems."

CARGO INSPECTION

"Calls upon all States ... to inspect the cargoes to and from Iran, of aircraft and vessels at their airports and seaports owned or operated by Iran Air Cargo and Islamic Republic of Iran Shipping Line, provided there are reasonable grounds to believe that the aircraft/vessel is transporting goods prohibited under this resolution or (earlier) resolutions."

IRAN'S REFUSAL TO SUSPEND ENRICHMENT

The proposal "(notes) with serious concern that ... Iran has not established full and sustained suspension of all enrichment related and reprocessing activities and heavy water-related projects ... nor resumed (full) cooperation with the IAEA (International Atomic Energy Agency)."

OFFER OF DIPLOMACY

"China, France, Germany, the Russian Federation, the United Kingdom and the United States are willing to take further concrete measures on exploring an overall strategy of resolving the Iranian nuclear issue through negotiation on the basis of their June 2006 proposals."

IAEA REPORT

"Requests within 90 days a further report from the Director General of the IAEA on whether Iran has established full and sustained suspension of all (enrichment, reprocessing and other) activities." (Compiled by Louis Charbonneau; Editing by Peter Cooney)

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