Trump reinstates Iran sanctions, slams 'horrible' nuclear deal

He also said Tehran expects the European countries to bring forward a practical package of proposals to salvage Iranian nuclear deal, also known as JCPOA, after the US pull-out in May.

The first wave of sanctions, including a unilateral ban on Iran's access to the U.S. dollar and trade in gold and other precious metals, will kick in on Monday.

"I do not have any precondition if the US administration is prepared today", Rouhani said on Monday.

"Bringing foreign currencies and raw gold into the country, according to the Central Bank laws, is legal and exempt from value-added tax and legal duties", Abdolnasser Hemmati, the head of the Central Bank of Iran, was quoted in the official Islamic Republic News Agency as saying.

"None of this needs to happen".

Bolton told Fox News that Iran's leaders could "take up the president's offer to negotiate with them, to give up their ballistic missile and nuclear weapons programs fully and really verifiably, not under the onerous terms of the Iran nuclear deal, which really are not satisfactory".

But that's a nonstarter with the regime, which has already rebuffed Trump's proposal to meet, saying he can not be trusted because he's already gone back on America's word.

United States officials also took a combative stance on countries like China and India - two major importers of Iranian oil - as they said the target would be "zero" oil being sold by Iran and would enforce their sanctions regime "aggressively".

The transition period was meant to provide companies already doing business with Iran some time to wind down their activities. He says the USA policy is to levy "maximum economic pressure" on the country. The fall of prices for the rial has been heavy related to the surge in the price of gold, as economic uncertainty has many Iranians running to precious metals, and gold imports surged in recent weeks.

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Trump had denounced the deal reached under his White House predecessor, Barack Obama, as one-sided in Iran's favor. That could make an economic pressure campaign less effective, especially because other countries like China, Russia, India, and Turkey are not on board - let alone allies in Europe.

It was not immediately clear whether the plan would create enough hard currency inflows to ease the demand for dollars and help end a panic-buying of hard currencies by many Iranians.

They would also impact Iran's automotive and food sectors, as well as prohibit sales of commercial passenger aircraft to the country.

Iran will ease foreign exchange rules, state TV reported on Sunday, in a bid to halt a collapse of the rial currency, which has lost half its value since April due to fears about the return of US sanctions.

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

And licences which allow Iran to buy United States and European airplanes, as well as parts for the planes have been frozen, days after Iran bought five new airliners from European manufacturers.

With the US administration taking a hard line on granting waivers from sanctions, many major companies from the oil and gas industry to vehicle manufacturers and consumer goods firms have already announced that they are quitting the country.

European Union officials say they will be strict in reviewing requests for exemptions.

The measures appeared to calm the markets on Monday, with the rial strengthening to 95,500 to the dollar - a 20 percent improvement on its record-low of 119,000 a fortnight ago.

(Copyright © 2015. All Rights Reserved.)
 
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