The U.S. announced Friday it is reimposing all sanctions lifted under a 2015 nuclear pact world powers struck with Iran.
Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin made the announcement during a telephone call with reporters.
The new wave of sanctions reimpositions, the second since August, will target Iran's energy, shipbuilding, shipping and financial sectors.
Pompeo said the actions are "aimed at fundamentally altering the behavior of the Islamic Republic of Iran."
The U.S. has been trickling out a list of 12 demands Iran must meet if it wants to see sanctions lifted ahead of their reimposition on Monday.
In all, eight countries will receive temporary waivers to allow them to continue importing Iranian oil after the penalties take effect.
The European Union is not one of the recipients, according to Pompeo who said those who receive waivers "have made important moves towards getting to zero crude oil importation."
Two of the countries have agreed to reduce imports to zero while six others "will import at greatly reduced levels."
"These negotiations are still ongoing," Pompeo said.
The U.S. expects to have reduced Iranian oil exports by more than 1 million barrels even before Monday's tranche of economic penalties.
In all, 700 Iranian entities will be added to sanctions lists on Monday, according to Treasury Secretary Steven Mnuchin.
More than half, or about 400, will have had their designations lifted as part of the 2015 Joint Comprehensive Plan of Action while roughly 300 will be new designations.
U.S. President Donald Trump unilaterally withdrew Washington from the pact in May despite objections from close allies in Europe.
All of the other signatories -- China, the European Union, France, Germany, Iran, Russia and the United Kingdom -- have remained in the deal despite the U.S. action.
The accord provided Iran with billions of dollars in relief from international sanctions in exchange for sweeping curbs on and inspections of its nuclear program.