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The latest sanctions follow a string of attacks last summer in the Persian Gulf on oil tankers, the takedown of an unmanned U.S. surveillance drone and strikes in Saudi Arabia on the world’s largest crude oil processing plant.

At the White House on Friday, Mnuchin pushed back on concerns that the existing sanctions on Tehran were ineffective.

“The economic sanctions are working,” Mnuchin said. “If we didn’t have these sanctions in place, literally Iran would have tens of billions of dollars. They would be using that for terrorist activities throughout the region.”

“There is no question that by cutting off the economics to the regime we are having an impact,” he added.

In a statement later, Trump repeated his assertion that “Iran will never be allowed to have a nuclear weapon.”

“The United States will continue to counter the Iranian regime’s destructive and destabilizing behavior,” he said in a statement. “These punishing economic sanctions will remain until the Iranian regime changes its behavior. The United States is ready to embrace peace with all who seek it.”

Last month, State Department officials said the pressure on Iran “will intensify in 2020, as the U.S. seeks to rein in Tehran’s pursuit of nuclear infrastructure and regional aggression.”

“There will be more sanctions to come, and Iran’s economic problems and challenges are going to compound in 2020,” a senior State Department official said on a Dec. 30 call with reporters.

“They are already deep into a recession, and we are also seeing Iran come under greater diplomatic isolation.”

Another senior State Department official added that the Trump administration has sanctioned approximately 1,000 individuals and entities with links to Iran’s malign activities.

“What we are doing is denying the regime the revenue that it needs to run an expansionist foreign policy, and by that policy, Iran has less money to spend today than it did almost three years ago when we came into office,” said the official, who spoke on the condition of anonymity.

In December, Pompeo announced another round of fresh sanctions, this time targeting Iran’s largest shipping company and biggest airline, saying the companies were aiding the regime’s alleged proliferation of weapons of mass destruction.

“As long as its malign behaviors continue, so will our campaign of maximum pressure,” Pompeo said during a Dec. 11 news conference.

The 2015 nuclear deal lifted sanctions that crippled Iran’s economy and cut its oil exports roughly in half. In exchange for sanctions relief, Iran accepted limits on its nuclear program and allowed international inspectors into its facilities.

In 2018, Trump unilaterally withdrew from the agreement and reintroduced sanctions on Tehran that had been previously lifted in accordance with the nuclear deal. In response, Iran stopped complying last May with some commitments in the 2015 nuclear deal.

On Sunday, Iran announced it would not abide by any limits established in the nuclear deal on the number of uranium enrichment centrifuges.

That means Iran would have no limit on its enrichment capacity, the level to which uranium could be processed to create a nuclear bomb. Iranian state-run broadcast said Tehran’s steps could be reversed if Washington lifted its sanctions.