ERBIL, Kurdistan Region of Iraq - Iran on Thursday condemned US President Donald Trump's announced "economic warfare" against the country, calling the new measures "an example of economic terrorism" and saying that Washington is merely "repeating past failures."

As tensions over the Iranian-restricted Strait of Hormuz continue unabated, the US president on Wednesday announced "the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!" would commence against Iran, adding that it will entail "Economic Warfare and Isolation on an unprecedented scale."

“Today, I am also announcing that ANY country that allows its financial institutions, businesses, airports, or government entities to provide any type of lifeline to Iran will itself face TREMENDOUS Economic Consequences,” he added in a post on Truth Social.

Iran's foreign ministry on Thursday said that "this action is not only another sign of the continuation of 73 years of American policymakers' animosity and hostility towards the Iranian people, but also proves the inhuman, lawless, and arrogant nature of the US ruling body," noting that the date of its announcement marked the anniversary of the US-backed coup against the democratically elected Iranian Prime Minister Mohammad Mosaddegh in 1953.

"Without a doubt, the US economic sanctions against Iran, which target the fundamental human rights of every Iranian citizen, are an example of economic terrorism and a crime against humanity, and the perpetrators of these sanctions deserve to be tried and punished for committing such heinous crimes," the ministry continued.

"The US action in grandly announcing new sanctions, while being considered a clear admission of committing crimes against humanity, is a continuation of a policy that has already been tried and failed. Trying it again will certainly result in nothing but repeating past failures and disgrace for the designers and perpetrators of this policy."

Iran has long been under heavy economic pressure from the US, which has sanctioned myriad government-linked bodies and Iranian oil exports.

Iranian parliament speaker Mohammad Bagher Ghalibaf on Tuesday said that any reopening of the Strait of Hormuz would require Washington to unfreeze Iranian assets and permit Iranian oil exports, terms that were acceded to under the short-lived memorandum of understanding that temporarily halted the conflict in June.

"Sanctions and economic pressure are the other side of the coin of war and military aggression, and America's pathological addiction to these two has not only exposed global peace and security to an objective threat, but has also led human civilization to an unprecedented moral decline," the Iranian foreign ministry statement continued.

"The Ministry of Foreign Affairs, while strongly condemning the US action to intensify illegal and inhuman sanctions against the Iranian nation, emphasizes that the Islamic Republic of Iran is steadfast and determined in defending its security and national interests and confronting US military, economic, political and psychological attacks and pressures."

The UAE on Tuesday halted all trade and financial dealings with Iran after an alleged Iranian ballistic missile landed within its territorial waters, with the Emirates having been bombarded more than any country during the US-Israeli war on Iran.