The US president added that Monday's action follows a series of aggressions by Iran, including last week's downing of a US unmanned drone. President Trump called off a planned retaliatory military strike on Friday, saying the response would not have been "proportionate".
"Sanctions imposed through the executive order that I'm about to sign will deny the Supreme Leader and the Supreme Leader's Office, and those closely affiliated with him and the office, access to key financial resources and support". Saudi Arabia, among the U.S.' closest allies in the region, was also one of the few worldwide voices backing Trump's decision previous year to leave the 2015 Iran nuclear deal, a move that spurred on current tensions between the longtime rivals in a region where Riyadh and Tehran have been competing for influence.
Iranian officials then held a news conference and displayed what they said were pieces of drone wreckage collected in Iran's territorial waters.
Iran's supreme leader, Ayatollah Ali Khamenei, speaks with a group of Revolutionary Guards and their families in Tehran on April 9.
On the eve of renewed sanctions by Washington, Iranian protesters demonsrtate outside the former U.S. Embassy, marking the anniversary of its storming by student protesters that triggered a hostage crisis in 1979 on November 4, 2018 in Tehran, Iran.
Iran's IRGC said the drone's downing was a "clear message" to the U.S. that Iran's borders were "our red line".
Trump imposes new U.S. sanctions on Iran, including supreme leader
Mnuchin said Iranian Foreign Minister Mohammad Javad Zarif would be targeted with us sanctions later this week. President Trump imposed new "hard-hitting" sanctions on Iran Monday, following Tehran's shoot-down of a U.S.
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More than 80 per cent of Iran's economy is under sanction today, U.S. Secretary of State Mike Pompeo said Sunday before heading to Saudi Arabia and the United Arab Emirates to rally a front against Iran.
The U.S. has applied sanctions to almost 1,000 Iranian entities, including banks, individuals, ships and aircraft. Under the sanctions, European buyers and others struggle to find a way to protect companies that may want to continue doing business with Tehran without being penalized by the US and losing access to the lucrative USA market.
The discussions covered protection for ships in the Gulf, after attacks on tankers in recent weeks which Washington has blamed on Iran: "Freedom of navigation is paramount", Pompeo tweeted from the Saudi city of Jeddah.
While announcing the new sanctions, Trump said the U.S. is a "peace-loving nation" that does not "seek conflict with Iran".
Iran has proxy allies in the region, such as the Hezbollah militia in Lebanon and militias in Yemen, Syria and Iraq.
The United States blamed recent attacks on commercial vessels on Iran, which on Thursday shot down a US surveillance drone that it claimed breached its airspace-something the Pentagon has denied. "When people come to power, instead of working sincerely and seriously for the people, we hear and read after a few months in newspapers that they have stolen billions and fled".
"The U.S. request for Iran is very simple", he wrote. But the Trump administration says its goal is to "bring Iran's oil exports to zero", something Tehran has vowed will never happen.
France, Britain and Germany have sent an official diplomatic warning to Iran if Tehran reduces its compliance with the accord, two European diplomats said on Monday.