Iran says it will resist ‘economic war’ as US revives curbs

WASHINGTON/DUBAI, Nov 05 (Reuters) : Iran said it would defy US sanctions reimposed on it by Washington Monday, denouncing as "economic war" the U.S. attempt to curb Tehran's missile and nuclear programs and weaken its influence in the Middle East.
The US move restores sanctions lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama and five other world powers.
It adds 300 new designations in Iran's oil, shipping, insurance and banking sectors.
European powers which continue to back the nuclear deal said they opposed the reimposition of sanctions and major oil buyer China said it regretted the move.
The restoration of sanctions is part of a wider effort by U.S. President Donald Trump to force Iran to further limit its nuclear work and to halt and missile program as well as its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.
Switzerland said it is holding talks with the United States and Iran about launching a humanitarian payment channel to help food and drugs keep flowing to Tehran.
US sanctions permit trade in humanitarian goods such as food and pharmaceuticals, but measures imposed on banks and trade restrictions could make such items more expensive.
US Secretary of State Mike Pompeo said on Sunday the penalties set to return on Monday "are the toughest sanctions ever put in place on the Islamic Republic of Iran".
However, Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.
"Today the enemy (the United States) is targeting our economy...the main target of sanctions is our people," Iranian President Hassan Rouhani said.
"America wanted to cut to zero Iran's oil sales...but we will continue to sell our oil...to break sanctions," Rouhani told economists.
The sanctions were illegal and unfair, he said.
"This is an economic war against Iran but... America should learn that it cannot use the language of force against Iran ... We are prepared to resist any pressure," Rouhani said.
Reiterating Iran's position that the Trump administration is not a trustworthy partner for talks, Rouhani said: "Holding talks is not an issue for us - only if the other party respects its commitments and promises."
Trump announced in May his government was withdrawing from what he called the "worst ever" agreement negotiated by the United States. The other parties to the deal - Britain, France, Germany, China and Russia - say they will not leave.