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Sanctions expert Stacy Keen of Pinsent Masons, the law firm behind Out-Law.com, said the European Union was looking to assist companies doing business in or with Iran despite the US secondary sanctions, and has updated its Blocking Regulation to protect European Union persons from the US Iranian secondary sanctions.

Iranian President Hassan Rohani said in speech broadcast on state TV on Monday that Iran would break the sanctions and continue to sell its oil.

Supporters of the agreement say Iran remained compliant with the deal.

While the sheer number of people and entities sanctioned is larger than ever, many Middle East experts believe they will be less effective than the United Nations sanctions in place before the deal.

Foreign Minister Mohammed Javad Zarif took to Twitter to mock some of the targets of the sanctions, describing it as a "desperate" psychological ploy.

Iran reportedly owes around US$200 million to dozens of South Korean companies.

Besides, the Iranian top diplomat touched on the possibility of negotiations between the United States and the Islamic republic under certain conditions. It also sanctioned the state carrier's mothballed fleet of Boeing 747s, which were manufactured in the 1970s.

Iranian rials, USA dollars and Iraqi dinars are seen at a currency exchange shop in Basra, Iraq November 3, 2018. Prior sanctions targeted specific subsidiaries of the organization.

"What the Americans are doing today is putting pressure merely on the people", he said, according to a transcript of the remarks posted on the president's website.

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Zarif later issued an online video criticizing America's "indiscriminate assault" on his country.

The us secretary of the Treasury, Steven Mnuchin, said last week that the United States wanted to disconnect Iran from the worldwide banking circuits Swift, the backbone of the global financial system, as was the case from 2012 to 2016.

"The UAE and Saudi Arabia will be destroyed in 60 minutes".

Iran is already in the grip of an economic crisis.

On Sunday, some Iranians marked the 39 anniversary of the seizure of the US embassy in Tehran in 1979. The economic chaos sparked mass anti-government protests at the end of previous year, resulting in almost 5,000 reported arrests and at least 25 people being killed. "We're not simply going to be content with the level of sanctions that existed under [former USA president Barack] Obama in 2015", Bolton said in an interview with the cable channel.

In May, Trump officially withdrew the USA from the 2015 nuclear deal, officially called the Joint Comprehensive Plan of Action (JCPOA), and ordered the new round of sanctions on Iran.

The administration granted a 180-day waiver period to the eight parties, which include China, India, South Korea, Italy, Greece, Taiwan and Turkey, Secretary of State Mike Pompeo told reporters.

Global benchmark Brent crude traded at $72.85 per barrel on Monday at opening, showing an increase of 0.43 percent from the daily average of $73.17 per barrel.

The Secretary of State said that the President Donald Trump Administration has targeted as many as 168 Iranian entities through 19 rounds of sanctions since it came into office in 2016, adding that "today's sanctions will accelerate the rapid decline of worldwide economic activity in Iran since the implementation of our strategy in May". "Iran's leaders must cease support for terrorism, stop proliferating ballistic missiles, end destructive regional activities, and abandon their nuclear ambitions immediately if they seek a path to sanctions relief".