Foreign Minister Bob Carr today announced implementation of Australian sanctions on Iran, including trade in oil, petroleum, gas, financial services and precious metals.

Senator Carr said the sanctions were necessary following the failure of the Iranian Government to engage constructively with the international community on its nuclear program.

"These sanctions aim to increase pressure on Iran to comply with nuclear non-proliferation obligations and with United Nations Security Council resolutions," Senator Carr said.

"By introducing these sanctions - alongside others such as those of the European Union - we seek to bring Iran back to serious negotiations."

Australia's new sanctions would take effect under the Autonomous Sanctions Regulations 2011 to restrict dealings with Iran's oil, gas, petroleum and financial sectors; and trade in gold, precious metals, diamonds and new Iranian currency.

The sanctions measures targeting Iran's financial services sector prohibit:

Any Iranian financial institution setting up in Australia, and any Australian financial institution setting up in Iran;

Any commercial relationship between Australian and Iranian financial institutions; and

Trade with Iranian Government entities in gold, precious metals, diamonds and new Iranian currency.

They are in addition to Australia's existing arms embargo and financial and travel sanctions on individuals and entities.