Trump is targeting Iran's main source of revenue - its oil exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off-limits to foreign banks, on pain of losing access to the United States financial system.
The Russian diplomat says the sanctions go against global law and practices, and that the USA government's "policies of issuing an ultimatum and making unilateral moves are unacceptable these days".
"Iran's leaders must cease support for terrorism, stop proliferating ballistic missiles, end destructive regional activities, and abandon their nuclear ambitions immediately if they seek a path to sanctions relief", Mnuchin said.
The reimposition of U.S. sanctions on Iran, Pompeo asserted are "the toughest ever" on Tehran.
Iran's oil exports have fallen sharply since US President Donald Trump said at mid-year he would reimpose sanctions on Tehran, but with waivers in hand the Islamic Republic's major buyers are already planning to scale up orders again.
The US on yesterday reimposed all penalties that had been lifted as part of the 2015 Iranian nuclear deal as the Trump administration added almost 700 targets, including 50 Iranian financial institutions, to a sanctions list. "But on oil, we want to go a little bit slow because I don't want to drive the oil prices in the world up", Trump told reporters at Joint Base Andrews outside Washington on Monday before leaving on a campaign trail for the mid-term polls being held today.
India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports.
"We've only seen 10 tankers loading at, or signalling for Iranian terminals in November so far, which is significantly lower than what we usually see at the beginning of the month", said Kpler, a data intelligence company. Iran can only use this money for humanitarian trade or bilateral non-sanctioned goods, the Secretary of State asserted.
Trump expects 'very good' trade deal with China
Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires. President Trump says that China wants to make a trade deal with the U.S.
Oil prices fell on Tuesday, with US crude futures sliding to an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it had so far been able to sell as much oil as it needs to sell. "We are prepared to resist any pressure", Rouhani said.
Japan says it is pleased to be temporarily spared from penalties as the US resumes sanctions on Iran. "The maximum pressure exerted by the United States is only going to mount from here".
"These sanctions have already had an enormous impact".
However, the Trump administration allowed some of its allies - Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - as well as rival China to continue to purchase Iranian oil as long as they work to reduce imports to zero.
"In May, President Trump had pulled the USA out of the 2015 landmark JCPOA terming it as disastrous".
Two Chinese sources familiar with the matter said the country would be allowed to buy 360,000 bpd of Iranian crude during the exemption period.
In October, Iran's crude exports were estimated at 1.82 million bpd by Kpler and 1.5 million bpd by another firm that monitors Iranian shipments.