"Today is a historic day," Netanyahu told lawmakers from his Likud party, according to his office.
"Today is the day the US under President (Donald) Trump's leadership imposed extremely harsh sanctions on Iran, the harshest sanctions imposed on Iran since the effort to curb its aggression began."
Earlier Monday, Israeli Defence Minister Avigdor Lieberman called the new sanctions a "critical" blow to Iran's actions in the region.
They aim to significantly reduce Iran's oil exports -- which have already fallen by around one million barrels a day since May -- and cut it off from international finance. Israel had long opposed the Iran nuclear deal, saying it was too limited in scope and timeframe.
It also said the lifting of sanctions allowed Iran to finance militant groups and its own military activity.
The other parties to the nuclear deal -- Britain, France, Germany, China and Russia -- opposed the US move and say the accord is working as intended in keeping Iran from obtaining nuclear weapons for now.
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