An executive order by President Donald Trump reimposed the sanctions on financial transactions that involve USA dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.
President TrumpDonald John TrumpLeBron James to produce documentary series "Shut Up and Dribble" for Showtime Rosie O'Donnell leads anti-Trump Broadway sing-along at the White House Study warns of looming potential for runaway global warming MORE in an early morning tweet on Tuesday labeled newly reimposed sanctions on Iran the "most biting ... ever".
The stiff economic sanctions ratchet up pressure on the Islamic Republic despite statements of deep dismay from European allies, three months after Trump pulled the United States out of the worldwide accord limiting Iran's nuclear activities.
Zarif suggested it was hard to imagine negotiating with Trump after he had torn up the 2015 nuclear deal, on which Iran and world powers had spent the "longest hours in negotiating history".
The sanctions were previously softened by the Obama administration as part of a landmark 2015 nuclear agreement with Iran. The U.S. move has dismayed America's European allies trying to preserve the nuclear deal.
The European Union has sought to salvage the nuclear deal and provide legal cover for its companies to continue operating in Iran. "I am asking for WORLD PEACE, nothing less". The last time Iran was sanctioned, it lost half of its exports, which have now returned to 2.4 million barrels per day.
U.S. secretary of state Mike Pompeo said sanctions are an important pillar in American policy toward Iran and will remain in place until the Iranian government radically changes course. He dismissed a United States call for talks, saying "we are always in favour of diplomacy and talks..."
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We are doing our best to keep Iran in the deal, to keep Iran benefiting from the economic benefits that the agreement brings to the people of Iran because we believe this is in the security interests of not only our region, but also of the world.
Most foreign businesses will not invest in Iran and will pull out, opting instead to stay in the good graces of the U.S.
US sanctions on oil sales snap back are scheduled to snap back in early November. "Anyone doing business with Iran will NOT be doing business with the United States", he wrote.
European Union officials, however, were quoted on Monday as saying that a number of other countries had asked them for details on the blocking regulations as they also explore ways to bypass sanctions. "But talks need honesty".
The US president's move was branded "psychological warfare" by Iranian president Hassan Rouhani.
"If Iran were really serious they'd come to the table".
But the European Commission has implemented a previously unused regulation that seeks to cancel the effect of the U.S. policy on European companies doing "legitimate business" with Iran.
Some companies already suspended trade in anticipation of the new sanctions.