There will also be sanctions to cut off Tehran's ability to export oil, the country's most crucial foreign exchange earner, though US Secretary of State Mike Pompeo said eight importers would be given exemptions in exchange for slowing their purchases - a bid to avoid upsetting the global crude market.
Pompeo said two of the jurisdictions, which he did not identify, will wind down Iranian oil imports to zero in "weeks".
In a speech on Saturday, Iran's Supreme Leader Ayatollah Khamenei said Mr Trump's policies faced opposition around the world. "The last set of sanctions lifted under the bad nuclear deal will come back into force, including powerful sanctions on Iran's energy, shipping, and shipbuilding sectors, and sanctions targeting transactions with the Central Bank of Iran and sanctioned Iranian banks", the President said.
"We've engaged a massive economic pressure campaign against Iran, which remains the world's largest state sponsor of terrorism", he said.
Mnuchin says the US has informed SWIFT that it would be subject to USA sanctions if it provides financial transfer services to "certain designated Iranian financial institutions".
Shipments have plunged 37 per cent since President Donald Trump announced that he'd reimpose sanctions, and once those penalties kick in on Nov 5, the overall supply disruption could become the biggest since Libya erupted in civil war at the start of the decade.
But will these companies risk being hit by secondary sanctions which would limit their own ability to trade with the US? "But America's plots and its plans for sanctions will be defeated through continued resistance", said Jafari.
"We have sanctions on Iran and nobody has a clue what Iranian exports will be", he told the Russian news agency Tass last week. In a joint statement from the European Union high representative and foreign ministers of France, Germany, and they United Kingdom, they say they "deeply regret the further re-imposition of sanctions by the U.S". The move, which is conveniently set to take place one day before midterm elections, is the Trump administration's latest affront to Tehran after leaving the Iran nuclear deal in May.
Former US President Barack Obama had spent considerable political capital to strike a nuclear deal with Iran in 2015.
The names of more than 700 individuals, entities, vessels and aircraft will be put on the sanctions list, including major banks, oil exporters and shipping companies.
The waivers will be valid for six months, during which time the importing country can buy Iranian oil but must deposit Iran's revenue in an escrow account.
As a result, sanctions lifted by the USA and others in 2016 are now being unilaterally re-imposed by the United States.
Iran was supposed to face restrictions on development of its nuclear-capable ballistic missiles and a binding ban on its importation or exportation of arms, the report said.
Anger and distrust over the United States is surging again following Mr Trump's decision to withdraw from landmark nuclear deal with world powers despite Tehran's compliance with the agreement, which was negotiated under the Obama administration.
Turkey depends heavily on oil imports and almost nearly half of its oil needs are imported from Iran. Iranian oil was of a quality which necessitated added refining before it could be used, CNA reported.