The measures, suspended in 2016, largely target Iran's oil exports by seeking to block dealings with Iran's banks, as well as its shipping and aviation industries. The latest round largely targets oil exports from Iran, OPEC's third-largest crude producer. Gholamali Khoshroo called on Antonio Gooteresh to uphold the rule of law.
The US granted waivers to allow China and seven close US partners and allies to continue importing Iranian crude and other petroleum products without penalty, bowing to concerns that a complete end to Iran's exports would cause a major spike in world oil prices and cause other economic disruptions.
Trump pulled America out of the 2015 nuclear deal Iran struck with world powers in May.
However, the new list of sanctions, which also aims to cut Iran's vital oil industry off from worldwide sales, also included for the first time its state airline and its atomic energy commission, further highlighting the maximalist approach of President Donald Trump's administration.
The US says the sanctions, which US Secretary of Pompeo billed as the "toughest sanctions ever", are aimed at persuading Iran to "alter" its behavior, including its support for regional terrorist groups like the Hezbollah and its development of long-range ballistic missiles.
South Korea, one of Asia's biggest buyers of Iranian oil, had asked Washington for an exemption, given that petrochemicals are key to its economy and the sanctions would exact a toll on the country's businesses.
The sanctions are created to push Iran's exports to zero.
"These sanctions hit at the core areas of Iran's economy", he told reporters Friday.
Democratic Senator Tom Udall, who is also a member of the Senate Foreign Relations Committee, said, "Led by people like John Bolton, who believe that we should bomb Iran, I fear the Trump administration is marching toward another catastrophic war in the Middle East". The measures restore all the United States sanctions that had been lifted under the 2015 accord that gave Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program, a deal that Obama administration critics had argued was too soft on the Islamic Republic.
Amid ample supply, top crude exporter Saudi Arabia has cut its December price for its Arab Light grade for Asian customers by 10 cents per barrel versus November to a premium of $1.60 a barrel to the Oman/Dubai average, state oil company Saudi Aramco said on Monday.
Jahangiri said he had spoken to a handful of managers from companies on the US sanctions list and that some had already formulated plans on how to deal with the measures.
"When I look at the list, it's obviously very large economies that still in many ways depend on Iran oil imports and at this time don't have any strong alternatives", said Brian Katulis, a senior fellow at Center for American Progress, a liberal think tank. Among those are 50 Iranian banks and subsidiaries, and more than 200 people and ships.
The waivers will allow the countries to continue reducing their purchases over the coming weeks and months.
However, the Democratic Party leadership criticised Trump for giving exemptions to some of the major Iranian oil importers. Imposing maximal economic pressure on Iran is vital for getting Tehran back to the table, he said.
Seoul was also granted an exemption to continue financial transactions with Iran's central bank, allowing South Korea to continue trading oil as well as nonsanctioned items with Iran, Seoul's Foreign Ministry said.