Gas flares from an oil production platform at the Soroush oil fields in the Persian Gulf, south of the capital Tehran.
Washington will on Monday reintroduce far-reaching sanctions on Iran's vital oil sales and banking sectors to try to force the Islamic Republic into negotiations to scrap its nuclear energy and ballistic missile programmes and end its support for proxies in conflicts across the Middle East.
Iran is already in the grip of an economic crisis and has seen sporadic protests in recent months, as Iranian officials tried to downplay the sanctions and their effects.
Asked which institutions would be cut off from the network, Mnuchin responded that a list would be released Monday and "will be substantially longer" than the list of institutions that had previously been disconnected under sanctions prior to the nuclear deal.
Sanctions on Iran are expected to be reinstated Monday, the result of U.S. President Donald Trump's withdrawal earlier this year from the nuclear agreement between Iran and six world powers.
Japan has been among the nations seeking waivers on the USA -led ban on oil imports from Iran.
In May, U.S. President Donald Trump pulled out of the 2015 Joint Comprehensive Plan of Action (JCPOA) with Iran, terming it as "disastrous".
US President Donald Trump is about to reimpose tough sanctions on Iran's oil trader and banking system, a outcome of his withdrawal from the 2015 agreement to curb Tehran's nuclear program.
"We always stated that such sanctions could negatively impact peace, stability and economies in neighbouring countries like Turkey and we elaborated this reality during the talks with USA officials", said Turkish Energy and Natural Resources Minister Fatih Donmez, according to the country's state-run Anadolu news agency. However, firms in these countries have backtracked on early agreements to develop Iran because the U.S. has threatened to impose sanctions on firms trading with the Islamic state. Meanwhile, there are supply disruptions in other key OPEC countries, including Venezuela and Angola. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman, Bahram Qasemi, told state television.
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Pompeo said Washington will issue temporary waivers to the eight Iran oil importers "only because they have demonstrated significant reductions in their crude oil and cooperation on many other fronts".
The reimposition of sanctions "is aimed at depriving the regime of the revenues it uses to spread death and destruction around the world", Pompeo said.
Announcing the imposition of sanctions targeting Iran's oil and gas exports, ports and banking system, secretary of state Mike Pompeo said that the U.S. will grant waivers to "eight jurisdictions" because they had "demonstrated significant reductions in crude oil and cooperation on many other fronts".
It "provided Iran broad relief from the global and USA secondary sanctions as the US administration waived relevant sanctions, revoked relevant executive orders, and corresponding United Nations and European Union sanctions were lifted", the almost 100-page CRS report said.
"Maximum pressure means maximum pressure", Pompeo said. The Trump administration has demanded at least two cut imports to zero "within weeks" and that the others reduce at a faster rate than before.
"Trump, his war cabinet, and regional cheerleaders in [Israeli Prime Minister] Benjamin Netanyahu and [Saudi Arabia's crown prince] Mohammed bin Salman do not have the Iranian or American people's best interests at heart", he continued.
As part of efforts by Iran and its customers to keep oil flowing, every single one of Iran's vessels "went dark" in late October, switching off their transponders to avoid worldwide tracking systems, according to TankerTrackers.com - a first since the Stockholm-based watchdog began operating in 2016.
However, Mr Pompeo explained that some countries could not halt imports of Iranian oil immediately and they had been granted waivers on condition that they reduced them and eventually ended them entirely.