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Iranian President Hassan Rouhani has vowed to sell his country's oil and break the sanctions. This is unsurprising, as the European Union strongly opposed US withdrawal from the nuclear deal, and has always said it would continue trading with Iran.

Every year on the 13th day of the Iranian month of Aban (which this year falls on November 4), the Iranian nation, particularly students, hold rallies across the country to mark the day.

Diplomats, however, said there were no plans to raise the United States sanctions at the council for the time being.

Tom Cotton of Arkansas, Marco Rubio of Florida and Ted Cruz of Texas - have said the new sanctions aren't tough enough and have drafted legislation that would require the Trump administration to demand that Iran be suspended from the worldwide bank transfer system. But there are doubts how successful this will be.

President Donald Trump announced in May that his administration was withdrawing from what he called the "worst ever" agreement negotiated by the United States.

The US has been trickling out a list of 12 demands Iran must meet if it wants to see sanctions lifted ahead of their reimposition on Monday.

The remaining members believe the agreement is working as intended and is keeping Iran from obtaining nuclear weapons for now.

Rouhani then maintained that the country's exports have increased in the past seven months compared to the same period previous year, saying the growth occurred despite the US' attempt to hamper Iran's economic activities.

The move is part of a wider effort by Trump to force Iran to further limit its nuclear work and halt a missile programme, as well as end its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

What could the impact be?

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The blacklisted companies include 50 Iranian banks, an Iranian airline and dozens of its planes, as well as officials and vessels in Iran's shipping and energy sectors. But he said the eight unidentified nations "need a little bit more time to get to zero".

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 global finance.

Iraq and Turkey have also previously said they expect to receive waivers, while news agencies have reported that Afghanistan, India, Italy, and Japan were likely to be granted exemptions.

"Petrochemicals are key to our economy, and we stressed that if we're hit by the Iran sanctions, it would pose grave challenges to our whole economy", the official said, requesting anonymity due to the sensitivity of the issue.

Talking at the meeting, the new Economy Minister Farhad Dejpasand said Iran has "plans" to overcome sanctions.

Had Iraq been granted a waiver, Iran might have been able to skirt sanctions by mixing its crude with its neighbor's output, analysts say.

U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $62.87 a barrel.

What has the reaction been in Iran?

The two countries have been enemies ever since.

"The maximum pressure exerted by the United States is only going to mount from here".