Trump in warning over trading with Iran

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The first set of USA sanctions that had been eased under a landmark Iran nuclear accord target financial transactions involving US dollars, Iran's automotive sector, the purchase of commercial airplanes and metals, including gold.

US President Donald Trump has warned other countries against doing business with Tehran, saying he had imposed "the most biting" sanctions on the country.

The ministers said the Iran deal is "crucial for the security of Europe, the region and the entire world", and the European Union issued a "blocking statute" on Monday to protect European businesses from the impact of the sanctions. They were previously relaxed under the 2015 Iran nuclear deal.

It called on the worldwide community "not to allow such significant achievements in multilateral diplomacy to be sacrificed in the name of American aspirations to settle political scores with Iran".

The US re-imposed a wave of tough, unilateral sanctions against Iran on Tuesday, bringing back into effect harsh penalties lifted by the deal.

"Today, the entire world has declared they are not in line with U.S. policies against Iran", Zarif said in a speech, according to the semi-official ISNA news agency. But on Iran, Mr Trump now has a team who share his contempt for the regime and are even more determined to see its end.

French oil major Total announced that it would pull out of a billion-dollar deal with Iran and China if it could not obtain a sanctions waiver from Washington.

"Anyone doing business with Iran will NOT be doing business with the United States", Trump vowed on Twitter. Its currency the rial has lost nearly two-thirds of its value in six months.

Iran's rial currency has lost half its value since April under the threat of revived USA sanctions.

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"I would think it unlikely to have the effect that entities will return to Iran if they have already decided that it is not in their commercial and legal interests to be there", she told RT.

But the European Commission has implemented a previously unused regulation that seeks to cancel the effect of the USA policy on European companies doing "legitimate business" with Iran.

Trump decided this year to pull out of the agreement, ignoring pleas from the other world powers that had co-sponsored the deal, including Washington's main European allies Britain, France and Germany, as well as Russian Federation and China. "Consistent with President Trump's decision, the administration will be reimposing specified sanctions after August 6, the final day of the 90-day wind-down period", the White House said.

Its efforts include a "blocking statute" created to protect companies from USA sanctions.

The EU said it is simultaneously implementing a "blocking statute" as the new sanctions take effect, stopping European companies from complying with the US sanctions unless they have permission to do so. "That's the ask", said Pompeo on Sunday ahead of the re-imposition.

The second phase of United States sanctions, which takes effect on 5 November and will block Iran's oil sales, is due to cause more damage, but several countries including China, India and Turkey have indicated they are not willing to entirely cut their Iranian energy purchases.

Siemens CEO Joe Kaeser told CNN in May that his company could not do any new business in Iran.

European Union foreign affairs chief Federica Mogherini and the French, German and British foreign ministers said they deeply regretted Trump's action.

He added, "To this day, Iran threatens the United States and our allies, undermines the global financial system, and supports terrorism and militant proxies around the world".

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