Hours earlier, Iran's Foreign Minister Mohammad Javad Zarif said the "bullying" restoration of oil and banking curbs was backfiring by making Washington more isolated, a reference to other world powers opposed to the initiative.
Some US sanctions on Iranian banks and oil exports had been suspended after Iran signed a landmark 2105 deal with six world powers to curtail its nuclear ambitions.
Secretary of State Mike Pompeo said Monday that the United States wants Iran to undertake a "180-degree" change that includes cutting off support for regional proxies, such as Hezbollah, and ending missile tests.
Crude exports contribute one-third of Iran's government revenues. State department officials expressed American desire to bring Iran's oil export, which makes up 80 per cent of its revenue, to zero in the coming months.
The second wave of renewed USA sanctions on OPEC's third largest exporter officially started on Monday targeting Iran's energy, shipbuilding, shipping, and financial sectors.
The European Union, France, Germany and Britain said they regretted the renewed US sanctions and would try to protect their companies doing legitimate business with Tehran. Under the deal, Iran had agreed to limit its nuclear program and the global community would lift the sanctions against Iran.
However eight countries have been granted a temporary exemption for six months despite USA warning previously that it would be harder for Iran's oil importers to get a waiver.
In accordance with its agreement with the United States, the government did not reveal how frequently the waivers will need to be renewed or by how much buyers would need to cut back on oil imports from Iran to avoid penalties.
However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.
Western nations say Iran aims to build nuclear weapons. Major oil buyer China said it regretted the move.
Sanctions are imposed on supplies to the energy sector, on petroleum related transactions with, amongst others, the National Iranian Oil Company, Naftiran Intertrade Company and the National Iranian Tanker Company.
Iran and the P5+1, the United Nations Security Council's five permanent members -the U.S., the UK, France, Russia, and China - plus Germany, reached the Iran nuclear deal in July 2015.
The Treasury said its Office of Foreign Assets Control will continue to maintain humanitarian authorizations and exceptions that allow for the sale of agricultural commodities, food, medicine, and medical devices to Iran.
The U.S. Treasury announced in a statement on Monday that more than 700 Iran-related individuals, entities, aircraft and vessels were added to its blacklist as part of the move.