New U.S. sanctions against Iran take effect

Mogherini we encourage EU enterprises to increase their business with Iran

Mogherini we encourage EU enterprises to increase their business with Iran

Iran's currency has lost around half its value since Trump announced the U.S. would withdraw from the nuclear pact.

On Monday, US President Donald Trump said he would fully enforce sanctions imposed on Iran following his decision to pull out of the 2015 nuclear deal.

Heavier U.S. sanctions, aimed at Iran's oil sector, are due in November.

"This is an indication of how strongly we feel that the Iranian nuclear weapons program, its ballistic missile program, it's support for terrorism, it's belligerent activity in the Middle East have to stop", Bolton said.

Media captionWhat is the Iran nuclear deal?

Administration officials, meanwhile, pointed to Iran's ongoing civil unrest and economic woes and reiterated Trump's openness to meeting with Iranian leaders in announcing the sanctions action on Monday.

Iran's rial currency has lost half its value since April under the threat of revived U.S. sanctions.

Trump warned that those who don't wind down their economic ties to Iran "risk severe consequences".

"We deeply regret the re-imposition of sanctions by the U.S", the European Union said in a statement.

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The sanctions, which take effect at midnight on Monday in Washington, bar transactions with Iran in USA currency, gold, precious metals, graphite, coal and semi-finished metals, as well as large sales of Iranian rials, issuing Iranian debt and vehicle sanctions.

Iranian President Hassan Rouhani says he's willing to talk to the U.S. Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic.

But that has proven hard: European companies have pulled out of Iran, arguing that they can not risk the prospect of damage to their USA business.

It bans European companies from complying with the U.S. sanctions, nullifies any United States court order against European businesses and makes it legally possible for affected firms to seek compensation. The country's rial currency has fallen in value and the downturn has sparked protests across the nation. "Our stated policy is not to bring about regime change but to change behavior of the regime", said one of the officials.

As of midnight, harsh sanctions on Iran have kicked in as part of the administration's strategy to keep Tehran from achieving its goal of building a nuclear bomb.

"US hypocrisy knows no bounds", he said.

Trump renewed his attack on the worldwide nuclear pact, calling it "a disgusting, one-sided deal" that "failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb", while giving it "a lifeline of cash" when earlier sanctions were lifted.

Asked about threats to close the Strait of Hormuz, Mr Bolton said that would be Iran's "worst mistake yet".

The US has long designated Iran as the world's foremost state sponsor of terrorism, Pompeo noted Sunday, adding that the Islamic Republic can not expect to be treated as an equal in the worldwide community until it halts such activities.

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