During a press conference on Monday, Treasury Secretary Steve Mnuchin said he expects the new sanctions to freeze billions more in Iranian assets, further strangling an economy that has been devastated by U.S. economic warfare.

According to the Washington Post, the sanctions “will deny Iran’s supreme leader, Ayatollah Ali Khamenei, and other top officials access to financial instruments.”

Mnuchin said the U.S. also plans to unveil sanctions against Javad Zarif, Iran’s foreign minister and top diplomat, later this week.

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Zarif has called the Trump administration’s sanctions against Iran “economic terrorism.” Critics argued that sanctions against Zarif, one of the chief Iranian negotiators of the nuclear accord, would demonstrate that the Trump administration is not serious about engaging in dialogue with Iran.

In an op-ed for the New York Times last week, Iranian novelist and essayist Salar Abdoh detailed the humanitarian toll of U.S. economic sanctions against Iran, which Trump reimposed last year in violation of the nuclear accord.

“The devastating impact of American sanctions has left many Iranians feeling they are already at war,” Abdoh wrote. “The sanctions are ultimately about individual lives: a relative’s immunosuppressive meds after a liver transplant suddenly skyrocketing in price and nearly disappearing from the market; a painter of some renown ceasing to practice her craft after 30 years because of the now prohibitive cost of art material; young professionals without jobs leaving Tehran in large numbers to try their luck in smaller, less expensive towns.”

“The price of paper has increased fivefold; the price of car parts, four times,” Abdoh continued. “Most fruits have become luxury items, many families can’t afford meat and factories in the provinces are shutting down.”

NIAC’s Abdi said Trump’s decision to call off airstrikes against Iran last week represented an opportunity for his administration to ditch the hawkish approach favored by Bolton, Pompeo, and other cabinet officials and reopen the door to diplomacy.

But imposing more sanctions, Abdi argued, will only escalate military tensions.

“This was Donald Trump’s chance for a do-over, he may not get another opportunity to take us off the war path,” said Abdi. “The Iranian government is keeping the door open to negotiating with Trump. And if Trump’s bottom line is truly to prevent Iran from building nuclear weapons, now is the time for him to pause the pressure campaign, bring on officials who can negotiate with the Iranians, and pursue negotiations based on mutual respect and realistic concessions.”