Yet the very first sanctions it reimposed have canceled licenses for sales of 200+ passenger jets under absurd pretexts, endangering ordinary Iranians.
The sanctions that go back into effect immediately affect any purchase of USA bank notes by Iran's government, Iran's trade in precious metals like gold, graphite, aluminum, steel, coal and software in industrial processes, Iran's automotive sector, transactions related to the Iranian rial, and Iran's issuing of sovereign debt, according to the White House.
President Donald Trump's decision to pull out of an agreement to lift sanctions in return for Iran curbing its nuclear program caused a run on the rial as companies and savers bought hard currency to protect themselves from the looming economic sanctions. Those sanctions target Iran's automotive sector as well as gold and other metals.
Iran's rial currency has lost half its value since April under the threat of revived United States sanctions.
Speaking at a television talk show on Sunday night, Abdolnasser Hemati said the new package has been endorsed by President Hassan Rouhani's administration in order to control the currency market and allow economic activists to interact freely. He again justified leaving the nuclear agreement (JCPOA) and left the door open to negotiations for new deal in the future. But talks need honesty.
For his part, Rouhani praised Europe for "resisting the Americans" in its call "to join the regime of sanctions".
He praised European nations for resisting United States calls to join it in renewing sanctions, but said the EU's measures to combat Washington's actions were not enough.
President Donald Trump's administration announced on Monday it would reinstate sanctions Tehran after it withdrew from the Iran deal - and the Islamic Republic has made no shortage of vitriolic threats about what it might do in response.
He also wrote that it is up to the Iranians whether he meets its leaders.
"All remaining U.S. nuclear-related sanctions will resume effective November 5, 2018".
The official says the U.S. will use the sanctions aggressively and cited Iran's severe economic downturn this year as evidence the sanctions would prove to be effective despite opposition from the EU, China and Russian Federation.
The Iranian government will also no longer be allowed to buy USA and European planes and US banknotes.
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"To this day, Iran threatens the United States and our allies, undermines the worldwide financial system, and supports terrorism and militant proxies around the world", he said.
"I have no pre-conditions" for negotiating America "if the US government is ready to negotiate about paying compensation to the Iranian nation from 1953 until now", Rouhani said. Ross said that, while China may still buy Iranian oil, it could ask for a discount; while India may still buy Iranian oil, it may only offer to pay in rupees.
Iran's net official reserves are projected to decline this year to $97.8 billion, enough to finance about 13 months of imports, the International Monetary Fund estimated in March.
But the U.K., France, Germany, and EU's foreign ministers released a joint statement to say that they "deeply regret the re-imposition of sanctions by the U.S." and that the "JCPOA is working and delivering on its goal, namely to ensure that the Iranian [nuclear] programme remains exclusively peaceful".
The currency's collapse and soaring inflation have sparked sporadic demonstrations in Iran against profiteering and corruption, with many protesters chanting anti-government slogans.
Iran's economy is in a tailspin, and the nation has seen widespread street protests in recent weeks.
Mr Trump warned that individuals or entities who breach the sanctions risk "severe consequences".
Secretary of State Mike Pompeo on Sunday said the sanctions were "an important part of our efforts to push back against Iranian malign activity".
"We are determined to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with United Nations security council resolution 2231".
Mr Trump called the multilateral Iran accord a "horrible, one-sided deal".
The UK, France and Germany expressed "deep regret" at the U.S. pulling out of the nuclear agreement, and have scrambled to rescue the deal.