Iran sanctions ‘most biting’ in history

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Rouhani said Monday, "I don't have preconditions".

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

Iranians are already seeing the effects of the sanctions, with Iran´s rial currency losing around half its value since Trump announced the U.S. would withdraw from the 2015 nuclear accord.

"I remain open to reaching a more comprehensive deal that addresses the full range of the regime's malign activities, including its ballistic missile programme and its support for terrorism", Trump said.

The European Union's diplomatic chief, Federica Mogherini, said the union, as well as Britain, France and Germany, deeply regretted the USA move.

A senior administration official, briefing reporters under ground rules requiring anonymity, said the United States is "not particularly concerned" by EU efforts to protect European firms from the sanctions.

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Most foreign businesses will not invest in Iran and will pull out, opting instead to stay in the good graces of the U.S. Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic.

Much of the damage has already been done, with Trump's aggressive rhetoric fueling a run on the rial in recent months, while worsening inflation has stoked public protests against the government's management of the economy that have intensified over the past week.

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. He said Washington was becoming isolated internationally and would come to regret imposing sanctions against the views of its allies and other world powers.

"US hypocrisy knows no bounds", he said.

A European Commission spokeswoman on Monday (6 August) told reporters in Brussels that EU firms are banned from following United States demands to cut business ties with Iran, unless specifically authorised to do so.

Secretary of State Mike Pompeo is echoing Bolton's statements. "That's the ask. It's pretty simple", said Pompeo, en route Sunday from a three-nation trip to Southeast Asia.

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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.

Iran´s Foreign Minister Mohammad Javad Zarif told reporters the global reaction to Trump´s move showed that the U.S. was diplomatically "isolated", but acknowledged the sanctions "may cause some disruption".

"There will be pressure because of sanctions, but we will overcome this with unity".

He added, "To this day, Iran threatens the United States and our allies, undermines the global financial system, and supports terrorism and militant proxies around the world".

Prime Minister Benjamin Netanyahu said the sanctions symbolize "the determination to block Iran's regional aggression as well as its continuous plans to arm itself with nuclear weapons".

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