US President Donald Trump says he will fully enforce the sanctions being re-imposed on Iran as a result of the US withdrawal from a 2015 nuclear deal.
Measures targeting Iran's automotive sector as well as its trade in gold and other key metals will take effect from tomorrow.
Trump believes the economic pressure will force Iran to agree to a new deal and end its "malign" activities.
Iran's President Hassan Rouhani said the act was "psychological warfare".
Trump warned that individuals or entities who breach the sanctions risk "severe consequences".
The UK, France and Germany ‑ which were also parties to the 2015 accord along with Russia and China ‑ have expressed "deep regret" at the US move.
They have pledged to abide by their commitments under the deal.
Iran has said it will also do so if it continues to receive the economic benefits.
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