Likud Party Chairman Benjamin Netanyahu introduced a bill Wednesday that would prevent official Israeli institutions from investing in companies that do business with Iran.

Netanyahu said the bill is intended to increase the economic pressure on Iran, saying Israel must first take economic steps against Iran before demanding the international community follow suit and impose an economic boycott on the country.

The bill, which is cosigned by representatives of Kadima, Labor, Likud and Yisrael Beiteinu, would prevent official institutions from investing in companies that have business relations with Iran that are essential for their operations.

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The finance minister will be in charge of implementing the law, and would formulate regulations that would prevent official institutions from investing in tradable and non-tradable securities belonging to such companies.