The European Union agreed to impose new sanctions on Iran on Monday, Oct 15 to increase pressure over its disputed nuclear program, German Foreign Minister Guido Westerwelle said, according to Reuters.

"We have decided a further packet of sanctions to increase pressure, so that the negotiations are substantial," he said.

The bloc had been expected to approve new restrictions against Tehran's banking sector, industry and shipping, in one of the toughest pushes against Iran by Europe to date.

The sanctions come amid mounting concerns over the Islamic Republic's military intentions and the failure of diplomacy to solve the atom stand-off.