Australian Foreign Minister Stephen Smith said his country will impose new sanctions against Iran, including restrictions for the first time on business dealings with that country's oil and gas sector.

“In adopting this package, Australia stands at the forefront of international community efforts to have Iran meet its international obligations in relation to its nuclear program, one of the most serious security challenges facing the international community,”, the Australian Foreign Minister said.

The new measures include travel and financial bans against more than 110 businesses and individuals in Iran's financial and transport sectors. The sanctions also include a trade ban on all arms and related material, including anything that could be used for nuclear, missile, chemical and biological weapons development.

Smith said the UN resolution had noted a link between the revenue generated by that sector and funding for Iran's proliferation activities.

Business dealings in uranium mining or involving nuclear or missile technology are also prohibited under the new sanctions, Smith said.