German Foreign Minister Guido Westerwelle has announced the EU is banning the import of Iranian natural gas into European Union countries.

The set of sanctions also includes a ban on financial transactions between European and Iranian banks, with some exceptions for those involving humanitarian aid, food, and medicine purchases.

"The [EU] Council has agreed additional restrictive measures in the financial, trade, energy and transport sectors, as well as additional designations, notably of entities active in the oil and gas industry," a written statement issued by the European Union council said.