With limited exceptions, the re-imposed US sanctions will hit Iran as well as countries that do not stop importing Iranian oil and foreign firms that do business with blacklisted Iranian entities, including its central bank, a number of private financial institutions, and state-run port and shipping firms, as well as hundreds of individual Iranian officials.
The students believed the United States would launch a counter-coup to return deposed shah Mohammad Reza Pahlavi to power - similar to the CIA-backed coup that overthrew Iran's elected government in 1953 - unaware that the king was already critically ill with cancer.
The United Arab Emirates' minister of state for foreign affairs, Anwar Gargash, said on Saturday that Iran's "aggressive policies" were "largely responsible" for the reimposition of US sanctions on Tehran. The interests of the consuming nations can " t be overlooked, he said. The U.S. cut off diplomatic relations in response.
"Our ultimate aim is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country".
At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility toward the Islamic Republic, which he said had nevertheless prevailed. Pompeo said the European Union, which has drafted its own plans to circumvent USA sanctions, will not be.
However, eight countries will not be penalised by the U.S. for continuing to import Iranian oil.
Following the Trump administration's announcement of renewed sanctions against Iran, set to go into effect on Monday, anti-war groups are warning the move tosses aside diplomacy in favor of paving the path towards war.
Earlier in the day, Bloomberg reported, citing an anonymous senior official from the USA administration, that the United States had agreed to grant eight states, including India, Japan and South Korea, waivers from the upcoming U.S. sanctions targeting Iranian oil sector. It is widely expected that Japan, South Korea and India will also receive waivers. It has announced plans for a legal framework through which firms can skirt United States sanctions, although few major corporations have been eager to risk the wrath of penalties in the world's largest economy.
That could make it extremely hard for Iran to do business with other countries.
The regime in Tehran has been doing its best in the past few months to find a way to avoid these sanctions, mainly by working with the European Union, but it is still struggling to persuade its citizens that any such mechanism will work. Those that buy oil from Iran after the cutoff could be penalized, through fines or exclusion from the USA financial system.