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Smashing another remnant of Barack Obama's reign and throwing some red meat at red states at the same time, the administration was quick to get out the word that "President Donald J. Trump is reimposing the toughest sanctions ever on Iran, targeting numerous corrupt regime's critical sectors".

Turkey and Iraq will receive exemptions from USA sanctions on Iran when they come into force on Monday, according to officials from both countries.

So when Iran exports oil to a country in the European Union, the company from the receiving country would pay into the SPV. "We very much want to begin work on a new and better deal to replace the insufficient Iran nuclear deal and our campaign of maximum economic pressure is a critical tactic to achieve that goal", Special Representative for Iran Brian Hook said.

On Friday, the Trump administration announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored after President Donald Trump withdrew the USA from the 2015 nuclear agreement in May.

The US said the sanctions are not aimed at toppling the government, but at persuading it to radically change its policies, including its support for regional armed groups and its development of long-range ballistic missiles.

Pompeo and Treasury Secretary Steven Mnuchin were expected to provide more details on the sanctions at a briefing Monday.

The US under President Donald Trump has been trying to corner Iran at the global level.

But will these companies risk being hit by secondary sanctions which would limit their own ability to trade with the US?

"I've been involved in scores of conversations about stopping illegal immigration from Mexico and never once has there been a discussion of the political impact in US domestic politics", Pompeo said.

Pompeo brushed off European Union efforts to keep the Iran nuclear deal alive, noting "there has been an enormous departure of European businesses" since the US announced it would withdraw from the 2015 agreement.

"They (Saudi) have 12 million bpd capacity, but there is no need for Saudi Arabia to use all its spare capacity", he said.

Iran says it's confident sales will hold above 1 million barrels a day.

"On Monday, November 5, the termination of USA participation in the Iran nuclear deal will be complete".

Part of the explanation lies in the ambiguous position of the United States, which initially insisted that the sanctions were created to reduce Iranian exports to zero barrels, but has since has softened its position.

However, firms in these countries have backtracked on early agreements to develop Iran because the U.S. has threatened to impose sanctions on firms trading with the Islamic state.

Iranian officials are betting on the unstable market conditions to beat USA sanctions.

In May, U.S. President Donald Trump pulled out of the 2015 Joint Comprehensive Plan of Action (JCPOA) with Iran, terming it as "disastrous".

"Starting today, Iran will have zero oil revenue to spend on any of these things".

Vice President Mike Pence, for his part, said, "Iran will be under the most punitive sanctions they have ever faced".

The agreement saw Iran limit its controversial nuclear activities in exchange for sanctions relief.