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The sanctions that took effect on Tuesday target Iranian purchases of US dollars, metals trading, coal, industrial software and its auto sector.

The Trump administration moved to restore some USA sanctions on Iran and reaffirmed plans to impose tougher penalties on the country's oil sales in November, as President Hassan Rouhani comes under increasing economic and political pressure to address the crisis.

The European Union Foreign Policy Chief Federica Mogherini says the EU is encouraging investors to maintain business ties with Iran to preserve the nuclear deal, despite the USA withdrawal.

The EU wants to preserve the economic relation reestablish between both partners within the framework of the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, to try to save the agreement. But that has proven hard: European companies have pulled out of Iran, arguing that they can not risk the prospect of damage to their US business.

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. "The EU, along with China, Russia, France, Germany and the United Kingdom, was also a signatory to the deal and has not withdrawn". But sanctions do not only affect Iran.

Speaking on state TV, Iranian Foreign Minister Javad Zarif warned that President Trump, along with Saudi Crown Prince Mohammed Bin Salman and Israeli Prime Minister Benjamain Netanyahu are isolating themselves with their push for hostility toward Iran.

Iran took a series of measures to try to limit the effect of United States sanctions on their economy over the weekend.

He said Iran's leaders may need to "drink the poison cup" and negotiate with the US.

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Iranian President Hassan Rouhani, in a speech broadcast on state television, said the United States can not be trusted because it withdrew from the global pact, whose other signatories still support it.

European enterprises can either comply with United States sanctions and face consequences in Europe for violating the "blocking statute" or keep doing business in Iran and face USA sanctions.

The renewed sanctions were among those lifted under a 2015 deal between world powers and Tehran on curbing Iran's nuclear program.

USA sanctions on oil sales snap back are scheduled to snap back in early November.

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.

"If you're an enemy and you stab the other person with a knife, and then you say you want negotiations, then the first thing you have to do is remove the knife", he told state television. The value of the Iranian rial has plunged ahead of the move.

Many large European firms are leaving Iran for fear of USA penalties, and Trump warned of "severe consequences" for firms and individuals that continued to do business with Iran.