The fresh rounds of sanctions targeting Iran’s lucrative oil industry, port operators and energy, shipping and shipbuilding sectors, will come into force on November 4.
But in a fresh show of defiance, Iran‘s President Hassan Rouhani, said this date “signifies a new injustice from Americans”.
He admitted the Iranian people might face a “difficult” few months but vowed his government will do everything it can to minimise the impact on them.
President Rouhani is quoted by the Islamic Republic of Iran Broadcasting (IRIB) as saying: “November 4 of this year signifies a new injustice from Americans.
“But the people should know with certainty that the government has no fear of American threats.”
He added: “In the past few months our people have faced difficult times and it’s possible that the next few months will be difficult.
“But the government will use all its power to reduce these problems.”
Last week, Iran began selling crude oil to private companies for export as part of plans to counter the planned sanctions.
According to IRIB, President Rouhani said: “You will not be able to reach any of your goals with regard to Iran’s oil.
“You will not be able to bring it to zero or reduce it.”
The threat of new sanctions has been the Iranian rial hit record lows against the US dollar – losing 70 percent of its value already this year – because of a weak economy financial difficulties at local banks and heavy demand for dollars among Iranians.
On Tuesday, USA crude oil prices showed signs of impact after dropping to $65.33 per barrel – the lowest since mid-August – while Brent had fallen to two-month lows of $75.75.
The latest show of defiance from Iran comes after last week it warned the US sanctions will have “severe consequences” for the world order.
During a visit to Istanbul, Foreign Minister Mohammad Javad was quoted as saying on IRNA: “Unfortunately a law-breaking country (the United States) seeks to punish a country (Iran) that is abiding by law. This method will have severe consequences for the world order.
“Americans have not achieved their goals by imposing illegal sanctions against Iran.”
Last week, Iran revealed it is launching emergency financial measures to protect 20 million lower-income people – making up one quarter of the population – ahead of the new sanctions being imposed.
Additional financial relief will also be rushed to the poorest 11 million Iranians.
In May, Mr Trump pulled the US out of a key nuclear deal with Iran, which lifted sanctions in return for curbs on Iran’s nuclear activity.
The bombshell move was condemned by many US allies, including the UK, as well as China.
The US President’s first round of punishing economic restrictions were targeted at Iran’s foreign-currency trader coal, metals trading and auto-parts industry.
Foreign companies were given 180 days to pull out of doing business with Iran or face their own punishments.
The White House has warned US allies to cut oil purchases from Teran to zero by November 4.
Speaking at the UN’s General Assembly last month, Donald Trump said: “This horrible, one-sided deal allowed Iran to continue its path towards a bomb and gave the regime a cash lifeline when they needed it the most.
“They were in big, big trouble. They needed cash.”