Iran's normally moderate President Hassan Rouhani told a group of state employees on Sunday that it was time to Iran is facing a "war situation" under the new and renewed US sanctions, but as CBS News correspondent Elizabeth Palmer reported from Tehran on Monday, he is also vowing that Iran will continue to sell its oil overseas.
While Iran braces for a new set of sanctions on Monday that will target its oil, shipping, energy and banking sectors, United States measures have already taken a heavy toll on the Islamic republic.
"We do not recognize the sanctions introduced unilaterally without the United Nations, we consider those methods illegal per se", he said.
The measures target Iran's vital energy and banking sectors. Sputnik discussed the sanctions' implications for Tehran with Iranian economic experts. "I don't think that in the history of America, someone has entered the White House who is so against law and worldwide conventions", he added.
President Trump's decision to withdraw the U.S. from the 2015 nuclear agreement has been widely condemned by the worldwide community.
For example, the USA does not want to have India and South Korea move geopolitically closer to China, Russia and other competitors and away from its influence.
On Fox, Pompeo called the penalties "the toughest sanctions ever put in place on the Islamic Republic of Iran" and defended the U.S.' decision to give eight unidentified countries more time to wean themselves off Iranian crude oil.
Most worldwide sanctions on Iran were lifted in early 2016 under a deal Iran signed with world powers the year before in which it curbed its uranium enrichment program, widely seen overseas as a disguised effort to develop an atomic bomb.
"The countries will deposit Iran's revenue in an escrow account, US officials have said". They could upset world oil markets, though the U.S. has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.
Second, although Saudi Arabia has said it will increase capacity by more than a million barrels...
More than half, or about 400, will have had their designations lifted as part of the 2015 Joint Comprehensive Plan of Action while roughly 300 will be new designations.
"All eyes will be on the outcome of negotiations on possible waivers to US sanctions on Iran".
The move is to curb Iran's missile and nuclear programs and counter its growing military and political influence in the Middle East, according to Reuters.
Going after Iran's oil money will hit Tehran where it hurts, but it also means hitting a major pillar of the global oil market - Iran is the OPEC cartel's third-largest producer - with major consequences for world supply.
Iran's supreme leader Ayatollah Ali Khamenei said Saturday that the biggest loser of all was the U.S.
Iran is already in the grip of an economic crisis.
If so, how and why are eight countries - China, India, South Korea, Turkey, Iraq, Japan and two yet-unnamed nations - getting waivers?
He said he could not rule out that the US administration would extend the waivers beyond six months. Watch as we've already taken more crude oil off the market than any time in previous history.