OTTAWA - Iran's energy, banking and trade sectors are the target of new sanctions imposed Monday by both Canada and the European Union.

The separate announcements are part of an international campaign against the country's nuclear ambitions.

While the West accuses Iran of trying to develop nuclear weapons, Tehran says its program is devoted to electricity production only.

But Cannon said the international community is united on the need to curb Iran's nuclear efforts.

"No state can threaten international peace and security without consequences,'' he told reporters on Monday.

Canada's new sanctions include a ban on any new Canadian investment in Iran’s oil and gas sector or government securities, and restrictions on exporting goods that could be used in nuclear programs.

Iranian banks will also will be barred from opening branches in Canada and Canadian banks will not be able to set up operations in Iran.

"These additional sanctions are in no way meant to harm or punish the Iranian people," Cannon said.

"They are aimed at Iran's irresponsible and aggressive government."

The Iranian embassy in Ottawa did not return a call for comment on Ottawa's move and the Iranian Canadian Congress had no immediate reaction.

The European Union's sanctions are also targeted at curbing oil investment and cut exports of “dual-use” goods that could be employed by the nuclear industry.

EU foreign ministers in Brussels called the restrictions a "comprehensive and robust package" focused on trade, financial services, energy, and transport, with visa bans and asset freezes for Iranian banks, the Islamic Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines.

In Tehran, Iranian Foreign Ministry spokesman Ramin Mehmanparast denounced the EU decision to move forward with sanctions.

"Moving toward confrontational measures and supporting unilateral actions and damaging the atmosphere are not considered by us to be a good use of the opportunity," Mehmanparast said, according to the state television network's website.

Canada and the EU's adoption of sanctions follows a resolution passed by the United Nations Security Council in June.

It's the fourth round of sanctions imposed by the U.N. since 2006.

The latest International Atomic Energy Agency report on Iran found that the country now has enough nuclear material for two weapons if their existing stocks of uranium are further enriched.

Iran disclosed last year that it is building a new enrichment facility.

Tehran has sought to deflect pressure and further sanctions by displaying a willingness to talk about nuclear issues — a line reinforced Monday by Tehran's senior envoy to the IAEA.

"Iran is ready to go back to the negotiating table" quickly to discuss exchanging some of its enriched uranium for fuel rods destined for Tehran's nuclear reactor, Ali Ashgar Soltanieh told reporters in Vienna.

The level of enriched uranium in fuel rods is high enough for research reactors but too low for nuclear weapons.

Cannon rejected Iran's claims about peaceful power production.

"The actions of Iran are bringing it closer and closer to producing nuclear weapons which pose a threat,'' he said.

In 2007, Canada’s merchandise trade with Iran totalled $312 million of which $268 million consisted of exports, most in agri-food products, pharmaceuticals and machinery.

- with files from The Associated Press