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The White House is considering new sanctions against the nation of Argentina in response to a massive economic boycott against the country.

White House senior officials are now considering new sanctions against Argentina that could hit its oil, manufacturing and mining industries, according to a senior administration official.

The official also said that as new sanctions are considered, those of Argentina are likely to be added to the existing list of banned individuals and entities.

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The official spoke to The Hill on the condition of anonymity to discuss the deliberations about new sanctions that have not yet been made.

The news is likely to be highly embarrassing for Argentine President Mauricio Macri’s administration, which says it has done everything possible to resolve its economic problems and is ready for the economic sanctions to end.

“We have always said that we respect the sovereignty (and) territorial integrity of our neighbor,” Macri’s foreign ministry said earlier this month.

“For Argentina’s own strategic interest, we are committed to maintaining our diplomatic relations with Latin America and the Caribbean,” it said. “This means ensuring the free flow of maritime trade, investment, and natural resources, ensuring the free flow of information and services, and upholding the territorial integrity of the country of Argentina.”
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In a letter sent to Macri this week by the chairman of the U.S. Chamber of Commerce in Argentina, a top U.S. banking regulator, and the head of the Argentine central bank, the administration is expected to announce new sanctions on the country. The U.S. and Argentine authorities must agree on a new list of banned individuals and entities as part of a new “set of economic sanctions” if the new sanctions would be approved at the United Nations Security Council.

The White House wants to avoid any new economic restrictions on Iran and North Korea, who have not yet achieved nuclear weapons capabilities, while also protecting U.S. and international companies and markets from the effect of retaliatory measures.

The sanctions are scheduled to kick in as early as March 2017.

According to the senior administration official, the administration is likely to be influenced by a

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