The Donald Trump administration on Monday released a list of sanctions against hundreds of entities throughout Iran's economy, promising to exert more pressure on the nation's regime.
"The Iranian regime has a choice, it can either do a 180-degree turn from its outlaw course of action and act like a normal country or it can see its economy crumble," claimed Secretary of State Mike Pompeo at a press conference.
A new round of punishing sanctions on Iran's energy, banking and shipping sectors went into force overnight on Monday. The list targets more than 700 entities, including individuals, banks, aircraft and vessels.
President Donald Trump announced in May he was withdrawing the United States from a 2015 nuclear accord with Iran, which lifted wide-ranging sanctions on the Iranian economy. Trump gave foreign companies 90 to 180 days to wind down their business with Iran.
The 180-day period came to a close this week, restoring a heavier slate of sanctions on Iran than a first round that went into effect after the 90-day grace period. The latest round largely targets oil exports from Iran, OPEC's third-largest crude producer.
Pompeo announced on Friday that the administration would allow several countries to continue importing Iranian oil beyond its Nov. 4 deadline. On Monday, he revealed those countries include Iran's top two customers, China and India, as well as Italy, Greece, Japan, South Korea, Taiwan and Turkey.
The waivers will allow the countries to continue reducing their purchases over the coming weeks and months.
Monday's actions designate 50 Iranian banks and their subsidiaries, more than 200 individuals and vessels in Iran's energy and shipping sector and an Iranian airline and its 65 aircraft.
"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behavior," said Treasury Secretary Steven Mnuchin in a statement.
"The maximum pressure exerted by the United States is only going to mount from here. We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists."