The statute, set to enter into force by 6am Tuesday, is a response to the Trump administration decision in May to unilaterally withdraw from the 2015 Iran nuclear deal. "I am asking for WORLD PEACE, nothing less!" he tweeted.
"We are determined to protect European economic operators engaged in legitimate business with Iran", European officials said in a statement on Monday.
The EU has taken the unprecedented step in a bid to salvage the nuclear deal struck with Iran in 2015.
Iran is accusing the USA of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest.
"We deeply regret the re-imposition of sanctions by the United States, due to the latter's withdrawal from the Joint Comprehensive Plan of Action (JCPOA)", according to a statement on Monday from the foreign ministers of the UK, Germany, France and the EU.
"Talk to anyone, anywhere in the world and they will tell you that (Israeli Prime Minister Benjamin) Netanyahu, (US President Donald) Trump and (Saudi Crown Prince Mohammed) bin Salman are isolated, not Iran", he said.
"Preserving the nuclear deal with Iran is a matter of respecting global agreements and a matter of worldwide security".
The Europeans didn't like any of it.
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"This is an indication of how strongly we feel that the Iranian nuclear weapons program, its ballistic missile program, it's support for terrorism, it's belligerent activity in the Middle East have to stop", Bolton said.
Whether to comply with U.S. sanctions or keep doing business in Iran is a "purely economic decision", one senior official argued. Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic.
"In anticipation of the sanctions, a lot of Iranian business people have transferred their assets and capital overseas, so that's why the economic situation has already been deteriorating". The currency's collapse and soaring inflation have sparked sporadic demonstrations in Iran against profiteering and corruption, with many protesters chanting anti-government slogans.
He said the U.S. has long designated Iran as the world's foremost state sponsor of terrorism.
"We have ceased our already restricted activities in Iran in accordance with the applicable sanctions", said German auto and truck manufacturer Daimler.
The commission says firms can bring claims for damages before national courts who would recover them through the "seizure and sale of the assets of the person causing the damage" - in this case the U.S. government.
US officials insisted the American government stands with the people of Iran and supports many of their complaints against their government.
"If the US government is willing, let's start right now". "If the ayatollahs want to get out from under the squeeze, they should come and sit down. That's the ask. It's pretty simple", said Mr Pompeo.
Rouhani praised Europe for "resisting the Americans" in its call "to join the regime of sanctions".