US Sanctions on Iran: Trump administration to reimpose all sanctions against Tehran

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02:33

The Trump administration will reimpose all US sanctions on Iran that were lifted under the 2015 nuclear deal. They will come into force on Monday, 6 months after the US unilaterally withdrew from the nuclear deal. CGTN's Sean Callebs has the details.

US sanctions on Iran go back into full effect Monday- targeting the country's shipping and financial sectors, along with its oil industry.

Iran never violated the terms of the nuclear deal that went into effect during the Obama administration, but President Trump wants a new, tougher nuclear deal that also limits Iran's ballistic missile program and reduces Tehran's influence in the region.

MIKE POMPEO US SECRETARY OF STATE "These sanctions hit at core areas of Iran's economy. They're necessary to spur changes we seek on the part of the regime."

The sanctions will likely drive up oil prices and hurt the economies of U.S. allies. So Washington will grant temporary exemptions to eight countries.

JOHN BOLTON US NATIONAL SECURITY ADVISER "We want to achieve maximum pressure but we don't want to harm friends and allies either. And, we're working our way through that."

Iran will only be allowed to use oil funds to buy non-sanctioned items like food and medicine.

Turkish officials say Turkey is on the exempt list and there are reports the others will include the ROK, Japan, India and possibly China.

The existing sanctions have taken a toll on the Iranian economy. The country's currency has lost half its value in recent months and consumer prices have shot up for many items,

TEHRAN RESIDENT "Sanctions have brought us all kinds of problems and we are living below the poverty line. My children are studying abroad and I can't send them money -- we can't exchange enough foreign exchange to send them. It's getting harder and harder and I don't think it's going to last forever. Or it could lead to an agreement or it could lead to war. We've experienced the times of war."

But Iran's leadership says the country is prepared to weather the new sanctions.

HASSAN ROUHANI IRANIAN PRESIDENT "Our people have faced difficulties over the last few months and it is likely that there will be other difficulties in the months ahead, but the government will do all in its power to lessen the impact of any problems that may arise."

SEAN CALLEBS WASHINGTON DC "Iran has formed an energy stock exchange to sell oil in an effort to circumvent the US sanctions. It's not clear if this will succeed or if the exchange will be able to sell enough oil to significantly ease the impact of the coming sanctions. Sean Callebs, CGTN, in Washington."