Iranian president defends MoU as US threatens economic warfare

Iranian President Masoud Pezeshkian defends the Memorandum of Understanding with America, following the country's security chief denoucing US' plans to announce new sanctions that could put further strain on the Islamic Republic's economy while impacting its trading partners including China.

In his latest speech published in state media, Iranian President Masoud Pezeshkian

defends the Memorandum of Understanding signed in June that outlined an ambitious 60-day deadline for ending its war with America.

He calls the now-ended MoU the best way for the country to move beyond what he describes a situation of "neither war nor peace." He says members of Iran's Supreme National Security Council believed the memorandum represented the best possible agreement based on what he describes as dignity, wisdom and the national interest.

This comes on the heel of the US' anticipated annoucement on Monday that will detail what President Donald Trump calls "economic warfare on an unprecedented scale" against Iran.

Denouncing Trump's threats, Iran's security chief Mohsen Rezaei in an interview with state media warns neighbours against siding with the US. He says Iran would target oil-shipping routes out of the Persian Gulf - alternatives to the Strait of Hormuz - if its neighbours join Trump's economic war.