A first phase of US sanctions against Iran went into effect midnight, targeting Iran's access to USA banknotes and key industries including cars and carpets.
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.
Iran accused the United States of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest.
"We deeply regret the re-imposition of sanctions by the U.S", the European Union said in a statement.
A European Commission spokeswoman on Monday (6 August) told reporters in Brussels that EU firms are banned from following USA demands to cut business ties with Iran, unless specifically authorised to do so.
USA secretary of state Mike Pompeo said sanctions are an important pillar in American policy toward Iran and will remain in place until the Iranian government radically changes course.
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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. Iran says it will continue to abide by the deal for now, if other countries can help protect it from the economic impact of Washington's decision to pull out. He said Washington was becoming isolated internationally and would come to regret imposing sanctions against the views of its allies and other world powers.
He also said talks won't "make sense" once Iran is under sanctions.
"The E.U.is morally bankrupt, and we need to remember that next time they try to lecture us", Mr. Erdan told Israel Radio.
But his Iranian counterpart Hassan Rouhani dismissed the idea of talks while crippling sanctions were in effect.
"They want to launch psychological warfare against the Iranian nation", Mr Rouhani said. "That's the ask", said Pompeo on Sunday ahead of the re-imposition.
China, Russia and Turkey have already indicated that they would not comply with the unilateral USA sanctions.
He said the U.S. has long designated Iran as the world's foremost state sponsor of terrorism. The International Atomic Energy Agency, which is monitoring the implementation of the deal, has said in 11 consecutive reports that Iran is in compliance and that the agreement has allowed for greater verification of Iran's nuclear activities.
Prime Minister Benjamin Netanyahu said the sanctions symbolize "the determination to block Iran's regional aggression as well as its continuous plans to arm itself with nuclear weapons".