The US is set to announce new economic sanctions on Iran on May 24. In response, Iran has warned that countries that participate in the sanctions will be considered “enemies.” US Treasury Secretary Steven Mnuchin said on May 21 that the US will announce new sanctions targeting Iran’s financial system on May 24. He did not provide details but said the sanctions will be “very extensive.” Iran’s First Vice President Eshaq Jahangiri said on May 21 that if the US reimposes sanctions, Europe and other countries will face “serious damage” if they follow the US. “If countries fail to stand against America’s plots, they will be considered enemies of the Islamic Republic of Iran,” he said. The US withdrew from the Iran nuclear deal on May 8 and reimposed some sanctions. It plans to reimpose the rest of the sanctions by the end of August. The other signatories to the Iran nuclear deal – the UK, France, Germany, China, Russia and the European Union – have expressed their commitment to the deal. They urged the US to refrain from reimposing sanctions. But US President Donald Trump said on May 21 that he expects European allies to support the US on the issue. He said he will meet with North Korean leader Kim Jong-un in Singapore on June 12. Also on May 21, the US Department of Justice unsealed an indictment against an Iranian national for allegedly conspiring to carry out a plot to assassinate a former member of the Iranian opposition. The plot was allegedly directed by Iran’s Intelligence Ministry. The US Treasury Department also imposed sanctions on two Iranian individuals and five entities for supporting Iran’s ballistic missile program.

On 24th of the month, the United States plans to announce additional economic sanctions against Iran, the latter warning that countries participating in the US-led economic embargo will be considered adversaries. Inside Iran, there are voices calling for an end to the ongoing war that has been raging for months. Mansour Rezaie, the Deputy Head of Iran's Supreme National Security Council, warned through the state-run IRIB television on 22nd that countries engaging in economic warfare with the US should not participate.

He stated that any country that does so will be considered an adversary. Rezaie emphasized that even if the war is not expanded, their economic interests would be harmed, and oil exports through other routes may also become targets. In talks, there are claims to end the war. Mansour Pejeshvini, the President of Iran, told doctors he met with on 21st that ending the war is better now that they have power and dignity.

He claimed the world has already recognized Iran's victory and accused the US of attacking schools, hospitals, and bases, drawing international criticism. Iranian Deputy Negotiator Mohammad Bagher Galibaf called the US economic pressure "unjust sanctions" and said Iran should develop a response plan to cope with unjust sanctions.

One way to do so is for Iran and Iraq to use their own currency in trade to reduce dollar dependence. Earlier, US President Donald Trump announced via his social media platform, TruNews, that he would launch "an unprecedented scale of economic war" against Iran on 19th, warning third countries providing funds to Iran will face "significant economic costs" and pressuring the international community to cut off trade with Iran.

The specifics of the "economic war" were set to be unveiled by Secretary of the Treasury Steve Mnuchin during a press conference on 24th, who stated during an interview with CNBC on 20th that they would impose the "strongest sanctions in history" on Iran, aiming to overthrow the regime. Meanwhile, Trump claimed on 21st in a speech in Myrtle Beach, South Carolina, that the Hormuz Strait is "American territory."

He said Iran is desperate to agree but it is unclear if they want to agree, stating he currently considers the Hormuz Strait as American territory. Trump previously said on 14th that he would declare the Hormuz Strait as American territory after Iran's defeat and posted a map on TruNews showing the region as "new American territory."