News

Australia is imposing new sanctions against Iran in a fresh effort to pressure it into abandoning its nuclear program.

Foreign Minister Bob Carr says the new autonomous sanctions will restrict dealings with Iran's oil, gas, petroleum and financial sectors.

They will also restrict trade in gold, precious metals, diamonds and new Iranian currency.

The sanctions targeting Iran's financial services sector prohibit any Iranian financial institution setting up in Australia, and vice versa.

The also prohibit any commercial relationship between Australian and Iranian financial institutions.

They come on top of Australia's existing arms embargo and financial and travel sanctions on Iranian individuals and entities.