courtesy Creative Commons

The sanctions will target Iran’s financial system and its petrochemicals sector, according to the Haaretz.

U.S. banks will have to prove that their foreign accounts do not deal with Iran.

Iran’s Central Bank and oil and gas sectors will not, however, be targeted despite calls by some Congress members to do so, reports the L.A. Times.

The sanctions will target the petrochemical industry and will aim to discourage foreign direct investment which could aid Iran’s energy sector and undermine other sanctions.

Some U.S. sanctions will also target Iran’s nuclear and financial sectors.

The U.K and Canada will also announce sanctions decreasing Iran’s access to British and Canadian economies, according to Times Union.

Fear over Iran’s nuclear program increased last week after the International Atomic Energy Agency released intelligence suggesting that Iran has furthered research and experiments to develop nuclear weapons capability.

The sanctions will be announced by Secretary of State Hilary Clinton and Treasury Secretary Timothy Geithner Monday at 4:30 ET, according to ABC News.

Reach associate news editor Hannah Madans here.