The United States threatened with sanctions the countries and financial organizations, which refuse to freeze Iraq's assets, ITAR-TASS reported.

The administration of President George W. Bush said Thursday it was launching a global hunt for what it called the "blood money" of Saddam Hussein, saying that the regime may have squirreled away more than $6bn, mostly in accounts in Europe and the Middle East.

Treasury Secretary John Snow said his department could "take countermeasures and sanctions against any institution that does not comply with these international objectives, including cutting off access to the U.S. financial system."

The move is feared to cause fresh tensions with governments opposed to the US-led attack on Iraq.