Iran has started feeling the pinch of economic sanctions against its government even before U.S. President Barack Obama formalised this week anti-Tehran measures that would further restrict economic dealings with the Islamic republic.

The new American initiative, according to Reuters, will make it harder for Iran's central bank to secure imports for the isolated Persian Gulf nation while at the same time empower U.S. financial institutions to freeze Iran's assets.

The fresh economic pressures were being implemented following the oil embargo passed in January by the European Union, urging the international community to halt purchasing oil products from Iran.

Many nations followed suit, including Australia, with assurance from key EU leaders that their oil requirements of vulnerable countries will be met by sourcing from other oil exporters once the embargo is rolled out fully by July 2012.

mr Obama and his European allies have intended for the economic sanctions to pressure Iran into stopping its nuclear program but media reports showed that ordinary Iranians were bearing much of the burden with food and general necessities skyrocketing to levels beyond their reach.

Rice providers from India, Pakistan, Thailand and Vietnam have all ceased their deliveries as Iran started defaulting on its payment obligations, according to Reuters.

However, EU leaders refused to be distracted by the human sufferings inevitably created by the sanctions, with EU Foreign Policy Chief Catherine Ashton putting the blame on the recalcitrant Iranian authorities.

Ms Ashton's office argued that Iranians now suffer mostly to the misadventures of their government.

"EU measures on Iranian oil are intended to affect the potential funding for the nuclear program. Unintended consequences on the civilian population are therefore the result of policy choices by the government," Ms Ashton's office said in a statement.

Tehran remains unfazed though by the gathering pressures, both economic and military, with the Iranian Foreign Ministry insisting that the situation was nothing short of what Iran has been enduring over the past three decades.

"It is an antagonistic move, psychological warfare which has no impact ... There is nothing new, it has been going on for over 30 years," ministry spokesman Ramin Mehmanparast told Reuters.

Mr Mehmanparast, however, added that he will soon initiate communications with Ms Ashton to possibly discuss fresh negotiations about the general disagreements between Iran and the international community that sparked the sanctions.

He insisted too that forcing Iran to abandon its nuclear program is out of the question, which the country has consistently declared was motivated by peaceful agenda.

Also, Iran's defiance is again displayed by state media reports that revealed plans by the Iranian parliament to pass legislation that would allow Tehran to disallow oil shipments to specific European countries even before the Euro oil embargo takes effect.

Quoting Iranian lawmaker Parviz Sarvari, Far News Agency reported that a "bill has been almost finalised ... that will oblige the government to immediately cut oil exports to the EU."

"The bill also will ban import of any goods from the EU," Mr Sarvari said.