RABAT, August 24. /TASS/. Iran was prepared for the United State’s tougher sanctions and had drawn up a plan to address potential problems in advance, Iranian Economy Minister Seyed Ali Madanizadeh said.

"The country's government had planned in advance how to counter US sanctions and is fully prepared for new restrictions," he said, as quoted by the Tasnim news agency.

"The cabinet has a two-year economic development plan that takes all relevant issues into account," the minister explained. "Washington will not be able to achieve its goals by cutting off the lifeblood of the Iranian economy."

He admitted however that "the war has impacted the country’s industry, in particular, the work of metallurgical plants." "But we have revived them and continue defending our country," Madanizadeh stressed.

Earlier, US President Donald Trump announced the launch of "economic warfare and isolation on an unprecedented scale" against Iran. The US leader also warned that countries whose financial institutions, businesses, airports, or government agencies support Tehran will face serious economic consequences from Washington.