Secretary of State Mike Pompeo said the sanctions are "aimed at fundamentally altering the behavior of the Islamic Republic of Iran". We've got Brent crude at about the same price it was back in May when the president announced the withdrawal from the JCPOA.
Anti-US rhetoric from the Iranian government is familiar from the Iranian government, but relations between the two countries are at a particular low over the Trump administration's hard line on Tehran's nuclear and military ambitions.
The reimposition of the sanctions came as the U.S.is focused on Tuesday's congressional and gubernatorial elections.
The International Monetary Fund said on Thursday that Iran should implement policies to safeguard its macroeconomic stability in the face of sanctions.
The Europeans are working to set up a special payment system that would bypass the United States sanctions and discard the dollar in dealings with Iran. "We think China and Iran carrying out normal cooperation under the framework of worldwide law is lawful and reasonable, and (this right) should be respected and protected", he added.
The move restored USA sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and added 300 new designations in Iran's oil, shipping, insurance and banking sectors.
The United States officially reimposed all penalties that had been lifted as part of the Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list Monday. But "Iran has weathered multiple rounds of sanctions before".
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"We have advised SWIFT that it must disconnect any Iranian financial institutions that we designate as soon as technologically feasible to avoid sanctions exposure", Steve Mnuchin told reporters. While for now not threatening to resume higher enrichment, Iranian officials in recent months have made a point to threaten that could resume at any time faster than before.
Israel had long opposed the Iran nuclear deal, saying it was too limited in scope and timeframe.
Trump told reporters Sunday as he left the White House for political rallies in the South that the sanctions, which include an oil embargo, are the strongest ever imposed by the United States. Its national currency has plummeted over the a year ago amid an economic crisis.
"Today, Iran is able to sell its oil and it will sell", Rouhani said on Monday as the sanctions kicked in.
Iran greeted the re-imposition of US sanctions on Monday with air defense drills and an acknowledgement from President Hassan Rouhani the nation faces a "war situation", raising Mideast tensions as America's maximalist approach to the Islamic Republic takes hold.
Rouhani said the case needs no mediation, adding that Iran would be ready to talk with the United States only when the Western country begins to comply with its commitments.
The European Union, France, Germany and Britain said they regretted the US decision and would seek to protect European companies doing legitimate business with Tehran.