US President Donald Trump's administration in May reinstated all sanctions lifted under the 2015 nuclear deal, targeting both Iran and countries that trade with it in oil, financial transactions with its Central Bank and the country's port sector.
They aim to significantly reduce Iran's oil exports - which have already fallen by around one million barrels a day since May - and cut it off from worldwide finance.
"But U.S. bullying is backfiring, not just because JCPOA (nuclear deal) is important, but because the world can not allow Trump to destroy global order. We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists", Mr. Mnuchin said.
Earlier today, Trump said that the United States sanctions levied today are the strongest ever on the country's shipping, financial and energy sectors. But the official said that because a stronger oil supply is anticipated for next year, "that will allow us to accelerate the path to zero" imports from Iran. The sanctions are meant to force Iran to agree on a new deal that will ban it from any nuclear possession, the Treasury said. Gen Habibillah Sayyari said both the national army and the country's paramilitary Revolutionary Guard's were taking part in the exercise. He spoke to a conference of economists, who he said were at the "forefront of the resistance" against the United States. The legislation also implies that European courts could nullify U.S. decisions regarding sanctions.
Zarif said that the talks with the United States over a new nuclear agreement remains open if Washington changes its approach to the 2015 worldwide nuclear deal, Press TV reported.
"We have recently hashed this issue over with the IAEA Secretariat and once again they confirmed to us that Iran irreproachably meets its commitments".
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"The US allies are seeking to oppose the US unilateralism to show their economic independence from US politics".
"Without a bank, even pharmaceuticals and medical supplies can not get through to Iran". "The question is will the buyers be willing to defy the USA and risk sanctions", he said.
Foreign minister Zarif said Washington had made itself more isolated by pursuing the sanctions. We are confronting a bullying enemy.
"Due to golden opportunities for Iran and its allies in the world, including China, Russia and the European Union, we all want a way to defeat the USA sanctions, because foreign companies can not work with bullies".
"Rest assured, Iran will never come close to getting a nuclear weapon on President Trump's watch", Pompeo said. Other parties to the deal, including Britain, France, Germany, China and Russian Federation, have said they will not leave the deal.
The European Union, France, Germany and Britain said they regretted the United States decision and would seek to protect European companies doing legitimate business with Tehran.
These exemptions are premised on significant reductions of Iranian oil imports by countries such as China and Turkey when there is minimal evidence of such reductions.
"Allowing these activities to continue for the time being will improve ongoing oversight of Iran's civil nuclear program and make these facilities less susceptible to illicit and illegal nuclear uses", he said.