European companies 'protected' from U.S. sanctions following Iran nuclear row

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"We are always in favour of diplomacy and talks... but talks need honesty".

Hours before revived US sanctions were due to kick in, White House national security adviser John Bolton said Iran should pay heed to Trump's willingness to negotiate.

U.S. President Donald Trump said on Tuesday the new U.S. sanctions on Iran were "the most biting sanctions ever imposed".

"I feel like my life is being destroyed". But sanctions do not only affect Iran. "I am asking for WORLD PEACE, nothing less", he added.

"The EU does not have the power to prevent the imposition of USA sanctions, either primary or secondary sanctions".

Iran's central bank, acting on the eve of the USA move, scrapped most currency controls introduced this year in a bid to halt a plunge in the rial that has stirred protests against the government.

Mr. Erdan, who also heads the Strategic Affairs Ministry, praised the US for reimposing punitive sanctions on Iran that brought back into effect the harsh penalties lifted under the Iran nuclear deal.

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

But Obama's successor Trump pulled out of the pact on May 8, fulfilling a 2016 campaign promise to withdraw from a deal he once described as the "worst ever".

John Bolton, the US national security adviser, said Tuesday that the intent of sanctions is not to bring about Iranian "regime change".

"If you're an enemy and you stab the other person with a knife, and then you say you want negotiations, then the first thing you have to do is remove the knife", he said.

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"They want to launch psychological warfare against the Iranian nation", Mr Rouhani said. "Negotiations with sanctions doesn't make sense". European allies say they "deeply regret" the US action.

European allies said they "deeply regret" the United States action.

But his Iranian counterpart Hassan Rouhani dismissed the idea of talks while crippling sanctions were in force.

The German Economy Ministry said Berlin would continue to offer export and investment guarantees for firms doing business with Iran.

Those protests have proliferated over the past week, though verifiable information is scarce due to heavy reporting restrictions. "We can already see positive results from what Trump did".

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There have been rumors that Trump and Rouhani could meet in NY in September on the sidelines of the UN General Assembly - though Rouhani reportedly rejected USA overtures for a meeting at last year's event.

Two countries that have welcomed the tough new USA policy are Iran's regional rivals, Israel and Saudi Arabia.

The US decision will have important repercussions for European Union companies in the form of extraterritorial sanctions, which Brussels considers illegal.

As part of the sanctions that Donald Trump has reimposed on Iran, one of the industries that is going to be hit hard is vehicle production. The currency's collapse and soaring inflation have sparked sporadic demonstrations in Iran against profiteering and corruption, with many protesters chanting anti-government slogans.

Two traders told The Associated Press that initial rates likely would be around 93,000 rials to the dollar, down from 98,000 to $1 on the black market the night before.

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