As Tuesday, the Iran government can no longer buy USA bank notes and broad sanctions will be slapped on Iranian industries, including its rug exports.
Iran has reacted negatively to US President Donald Trump's offer of bilateral negotiations, with the head of the Revolutionary Guards dismissing the idea outright, writes Nassir Shirkhani. If they want to survive, their choice is clear - meet the "great Satan".
In his first public comments after the Trump remarks, Iranian President Hassan Rouhani avoided mentioning Trump's comments, instead stressing the need for the other nations involved in the nuclear deal to forge ahead with their pledges of trying to salvage it.
"Iran, and it's [sic] economy, is going very bad, and fast!"
President Donald Trump has set out on a puzzling and ambitious policy towards Iran that looks increasingly focused on a summit that would deeply humiliate the Islamic Republic's leadership.
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In short, Trump withdrew from the Iran deal, likely imposed tremendous cost and stress on Tehran's economy, and Iran has responded by staying in the deal and trying to portray itself as a good actor worthy of the world's support against United States hegemony. Of course, this can be a good opportunity to state the facts to the dear people of my country, for they are the true owners of the country, from whose votes my and your legitimacy comes from.
Though the USA sanctions post-deal will be unilateral and not as strong as the pre-deal UN-imposed sanctions, fear angering the U.S., the world's largest economy, will likely scare off Europeans who are otherwise committed to the deal.
Countries affected by US sanctions and account freezes - such as Iran, Russia, and Venezuela - have long sought solutions to their woes by weaning themselves from the USA dollar.
The exercise could shut down of the Strait of Hormuz, a crucial Gulf passage for shipments of numerous commodities.
Hundreds rallied in cities including Tehran, Karaj, Shiraz, and Qom, according to videos posted on social media, to protest against high inflation, caused in part by a collapse in the rial currency over fears of the reimposition of crippling sanctions.
Late on Friday, riot police intervened to disperse about 500 people chanting slogans against the government in the town of Eshtehard, 100 km (60 miles) west of Tehran, Some protesters threw rocks and bricks and damaged a Shiite Muslim seminary, the semi-official news agency Fars reported.