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Iran says it will defy 'economic war' as U.S. reimposes curbs

Reuters  |  WASHINGTON/DUBAI 

By Lesley and Hafezi

WASHINGTON/DUBAI (Reuters) - said it would defy the reimposition of more U.S. sanctions on Monday, condemning as "economic war" Washington's attempt to curb Tehran's missile and nuclear programs and weaken its influence in the

The U.S. move restores sanctions lifted under a 2015 nuclear deal negotiated by the administration of and five other world powers. It adds 300 new designations in Iran's oil, shipping, insurance and sectors.

The European Union, which continues to back the nuclear deal, said it opposed the reimposition of sanctions and big buyer said it regretted the move.

The restoration of sanctions is part of a wider effort by U.S. to force to curb its nuclear and missile programs as well as its support for proxy forces in Yemen, Syria, and other parts of the

U.S. said on Sunday the penalties set to return on Monday "are the toughest sanctions ever put in place on the Islamic Republic of "

However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

"Today the enemy (the United States) is targeting our economy...the main target of sanctions is our people," Iranian said.

"wanted to cut to zero Iran's sales...but we will continue to sell our ..to break sanctions," Rouhani told economists at a meeting broadcast live on state television.

The sanctions were illegal and unfair, he said.

"This is an economic war against Iran but ... should learn that it cannot use the language of force against Iran ... We are prepared to resist any pressure," Rouhani said.

Trump announced in May from what he called the "worst ever" agreement negotiated by the Other parties to the deal, including Britain, France, Germany, and Russia, say they will not leave.

The deal had seen most international financial and economic sanctions on Iran lifted in return for curbing its disputed nuclear activity under U.N. surveillance.

Details of the sanctions will be released at a conference scheduled for 8:30 a.m. EST (1330 GMT) with Pompeo and

The is opposed to the U.S. decision to reimpose oil and financial sanctions, said. "The does not approve of it," Moscovici told franceinfo radio.

China, India, South Korea, and - all top importers of Iranian oil - are among eight countries expected to be given temporary exemptions from the sanctions to ensure are not destabilised.

The countries will deposit Iran's revenue in an escrow account, U.S. officials have said.

The curbs come as the is focused on U.S. congressional and gubernatorial elections on Tuesday. Campaigning in Chattanooga, Tennessee, on Sunday, Trump said his "maximum pressure" against Iran was working.

"Iran is a much different country than it was when I took office," said Trump, adding: "They wanted to take over the whole Right now they just want to survive."

To keep the deal alive, the remaining parties to the Iran accord are trying to maintain trade with Tehran, despite scepticism that this is possible.

Diplomats told last month that a new EU mechanism to facilitate payments for Iranian should be legally in place by Nov. 4 but not operational until early next year.

They cautioned, however, that no country had volunteered to host the entity, which was delaying the process.

"We are in regular contact with other signatories of the nuclear deal...setting up (a) mechanism to continue trade with the will take time," said in

(Editing by and Angus MacSwan)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 15:21 IST
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