Reuters and DPA 
Sept 8, 2012
The European Union is drafting a new round of sanctions on Iran, the French and German foreign ministers announced on Friday, lamenting the lack of progress in negotiations over the Middle Eastern country’s nuclear program.
French Foreign Minister Laurent Fabius said the new restrictive measures would target “financial, commercial and oil aspects.” Something concrete should be ready in time for the next United Nations General Assembly in 10 days, he said. while German’s Guido Westerwelle spoke of adopting the sanctions around October 15.
“The negotiations are treading water,” Fabius told reporters after meeting with his EU counterparts at an informal gathering in Cyprus. An Iran with nuclear weapons is an “unacceptable, extremely dangerous” prospect, he added.
Westerwelle said he is “very worried about the lack of progress in the nuclear negotiations,” stating that “any talks and negotiations that only amount to a delay” will be unacceptable. We will not accept a nuclear arming of Iran.”