The European Union on Monday slapped Iran with increased sanctions over its controversial nuclear program.

The package of sanctions adopted by EU foreign ministers centers on finance and trade, curbing EU business with Iran's banks and companies dealings with oil and gas imports. The EU is expected to release a list of blacklisted companies on Tuesday. The ban includes asset freezes and travel bans.

Iran is already facing a host of international sanctions. Iran says its nuclear program has peaceful aims. But Western nations fear Iran is possibly developing a nuclear weapon. Negotiations between Iran and the West and the United Nations have failed to produce a breakthrough.