The announcement was made in the Oval Office, where he and Australian Prime Minister Scott Morrison were scheduled to hold a bilateral meeting.
Trump did not immediately elaborate on the sanctions but noted that they were the highest sanctions ever imposed on a country. The sanctions go “right to the top,” he said.
US Secretary of the Treasury Steven Mnuchin said the latest sanctions action against Tehran was ‘very big’ and that it affected the last source of funds for Iran.
The action comes after Washington accused Iran for the weekend attacks on Saudi oil refineries, a charge Tehran has vehemently denied. Trump said on Wednesday that he has ordered the Treasury Department to “substantially increase” sanctions on the country.