TEHRAN, Nov. 2 (Xinhua) -- Iran's Foreign Ministry Spokesman Bahram Qasemi said on Friday that his country has "no concerns" over the upcoming U.S. sanctions on its crude sales and banking sector.

The Iranians will prove that they are not intimidated by the U.S. sanctions which are in effect a "psychological war," Qasemi said.

The United States has not succeeded in persuading global financial institutions and companies to follow its sanctions against Iran, he noted.

Iran is capable of managing its economy and people's living conditions under any circumstances, the spokesman told state IRIB TV.

Earlier in the day, the administration of U.S. President Donald Trump announced the re-imposition of all sanctions on Iran lifted under the landmark 2015 nuclear deal, including embargo on Iran's oil sales.

The sanctions will enter into force on Nov. 5, covering Iran's shipping, financial and crude exports.