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And EU foreign affairs chief Federica Mogherini has gone further by urging European businesses to do their bit to save the Iran nuclear deal by boosting trade with the country. "I am asking for WORLD PEACE, nothing less", he added.

The US has re-imposed tough, unilateral sanctions against Iran, bringing back into effect harsh penalties that had been lifted under a historic, multi-party nuclear agreement that US President Donald Trump abandoned in May.

Iran took a series of measures to try to limit the effect of United States sanctions on their economy over the weekend. The US wasn't trading with Iran in the first place, so Iran isn't actually losing anything on that front.

Iranian President Hassan Rouhani said Iran still can rely on China and Russian Federation to keep its oil and banking sectors afloat.

They have been delighted by the scattered protests that have already emerged as the Iranian economy crumbles, and will risk more in the hope of greater gains.

In a statement on Monday just hours before the sanctions went back into force, Trump said: "The Iranian regime faces a choice".

Iran's official exchange rate remains 42,000 rials to $1.

Saudi Arabia and Israel, Iran's key regional rivals, are among the only countries to strongly support the reimposition of USA sanctions.

Mr. Erdan, who also heads the Strategic Affairs Ministry, praised the US for reimposing punitive sanctions on Iran that brought back into effect the harsh penalties lifted under the Iran nuclear deal.

Renewed US sanctions on Iran have come into effect, adding to pressure on the Islamic Republic's economy and leadership, despite dismay from Washington's European allies. European allies said they "deeply regret" the USA action.

The European Union Foreign Policy Chief Federica Mogherini says the EU is encouraging investors to maintain business ties with Iran to preserve the nuclear deal, despite the USA withdrawal. A total of $100bn in frozen Iranian assets was also released.

Siemens CEO Joe Kaeser told CNN in May that his company could not do any new business in Iran.

In 1998, a political agreement between the USA and the European Union lead to the suspension of some sanctions "as long as the European Union and other allies continue their stepped-up effort to promote democracy in Cuba".

Mr Trump has called the deal "one-sided", "disastrous" and the "worst I've ever seen". On 8 May, he made good on a pledge to pull the United States out of the global agreement.

Other countries have also asked European Union officials for details on the blocking regulations, as they explore ways to bypass sanctions.

Majidyar noted the threat of sanctions had already forced major worldwide companies and banks to scale down their activities in Iran.

The agreement placed unprecedented curbs on Iran's nuclear program, subjecting it to a rigorous inspection regime in exchange for billions of dollars in relief from worldwide sanctions.

"And because of the fear of the United States sanctions, they would be very reluctant to invest in Iran or do business with Tehran after this".