An executive order by President Donald Trump reimposed the sanctions on financial transactions that involve USA dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.
Other suspended sanctions that will be reimposed on November 4 will target the energy, shipping and insurance sectors, and the central bank of Iran.
The stiff economic sanctions ratchet up pressure on the Islamic Republic despite statements of deep dismay from European allies, three months after Trump pulled the U.S. out of the global accord limiting Iran's nuclear activities.
Trump had promised on the campaign trail to tear up what he called the "worst deal ever negotiated", which eased sanctions on Iran in exchange for limits on Tehran's nuclear ambitions.
Iran is accusing the US of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest. European allies said they "deeply regret" the USA action.
United States officials estimate that almost 100 worldwide companies have announced their intent to leave the Iranian market, particularly in the energy and the finance sectors, he said.
"The chilling effect of these sanctions has already taken its toll on the Iranian economy, so the sky will not fall at midnight tonight", he told The National. Another added, "The Iranian people are seeking the same thing".
The statute, set to enter into force by 6am Tuesday, is a response to the Trump administration decision in May to unilaterally withdraw from the 2015 Iran nuclear deal.
European Union officials, however, were quoted on Monday as saying that a number of other countries had asked them for details on the blocking regulations as they also explore ways to bypass sanctions.
Iranian President Hassan Rouhani says he's willing to talk to the U.S.
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.
Rouhani said Monday, "I don't have preconditions".
During his first year in office, a sense of chaos accompanied President Trump as he appeared to contradict his officials, particularly over engagement in the Middle East. "Our stated policy is not to bring about regime change but to change behavior of the regime", said one of the officials. "That's the ask. It's pretty simple", said Pompeo, en route Sunday from a three-nation trip to Southeast Asia.
Israeli Prime Minister Benjamin Netanyahu hailed the renewed sanctions as "an important moment for Israel, for the United States, for the region, for the whole world".
The European commission today put in place never-before-used legislation to protects the continent's firms from USA sanctions which not only target Tehran but their trading partners.
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".