Ramin Mehmanparast, a spokesman for the Iranian Foreign Ministry, said that the latest sanctions on Iran, intended to hinder the country’s ability to conduct international commerce, are part of a “psychological war.”

The American administration imposed “new penalties on Monday, giving U.S. banks additional powers to freeze assets linked to the Iranian government and close loopholes that officials say Iran has used to move money despite earlier restrictions imposed by the U.S. and Europe,” the Associated Press reported.

These new sanctions are part of the continuous efforts to diplomatically crack down on Iran’s nuclear ambitions and restrict the actions of the regime. Yet, many analysts say that while these sanctions are severe, they do still contain “loopholes.”

While Iran insists that its nuclear ambitions are merely for “peaceful purposes,” Israel, the United States and its allies all reject these claims. Mehmanparast said that, “these measures will not have any impact on Iran” and the “miscalculations will bear no fruit for the U.S. and Western countries.”

According to the Fars News Agency, Iran “is ready to stop oil exports to Europe” and CNN reported that, “Iranian lawmakers appeared ready to impose a ban on oil exports to Europe in retaliation for sanctions put in place by the European Union and the United States in January.”

Addressing the United States, the Foreign Ministry spokesman said, “”When you apply the highest level of your power to impose sanctions on a nation and that nation continues on its path decisively, it proves you do not have enough power to halt it,” the Associated Press reported.