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The move will restore U.S. sanctions that were lifted under a
2015 nuclear deal negotiated by the administration of President
Barack Obama, and add 300 new designations in Iran's oil,
shipping, insurance and banking sectors.
President Donald Trump announced in May that his administration
was withdrawing from what he called the "worst ever" agreement
negotiated by the United States. Other parties to the deal,
including Britain, France, Germany, China and Russia, have said
they will not leave.
Details of the sanctions will be released at a news conference
scheduled for 8:30 a.m. EST (1330 GMT) with Secretary of State
Mike Pompeo and Treasury Secretary Steven Mnuchin.
China, India, South Korea, Japan and Turkey - all top importers
of Iranian oil - are among eight countries expected to be given
temporary exemptions from the sanctions to ensure crude oil
prices are not destabilized.
The countries will deposit Iran's revenue in an escrow account,
U.S. officials have said.
Washington has said it will ensure a well supplied global oil
market, with help from ally Saudi Arabia, as Iran oil is cut
back. Front-month Brent crude futures, the international
benchmark for oil prices, were at $72.53 per barrel on Monday.
The reimposition of the sanctions comes as the United States is
focused on U.S. congressional and gubernatorial elections on
Tuesday. Campaigning in Chattanooga, Tennessee, late on Sunday,
Trump said his "maximum pressure" policy against Iran was
working.
"Iran is a much different country than it was when I took
office," said Trump, adding: "They wanted to take over the whole
Middle East. Right now they just want to survive."
Earlier, thousands of Iranians chanted "Death to America" at a
rally to mark the anniversary of the seizure of the U.S. Embassy
during the 1979 Islamic Revolution.
The International Monetary Fund said on Thursday that Iran
should implement policies to safeguard its macroeconomic
stability in the face of sanctions.
Senior Iranian officials have dismissed concerns about the
impact to its economy.
"America will not be able to carry out any measure against our
great and brave nation ... We have the knowledge and the
capability to manage the country's economic affairs," Foreign
Ministry spokesman Bahram Qasemi told state TV on Friday.
(Reporting by Lesley Wroughton; Additional reporting by Steve
Holland in Chattanooga, Tennessee; Editing by Sonya Hepinstall)
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