Mubasher: US President Donald Trump on Monday renewed sanctions against hundreds of Iranian entities, with promises to exert more pressure on the Middle-Eastern country.

Last night, a new round of sanctions were forced on 50 Iranian banks and their subsidiaries, more than 200 individuals and vessels in Iran's energy and shipping sector and an Iranian airline and its 65 aircraft, according to CNBC.

"The Iranian regime has a choice. It can either do a 180-degree turn from its outlaw course of action and act like a normal country or it can see its economy crumble," Secretary of State, Mike Pompeo, said in a press conference.

In May, Trump announced the US withdrawal from the 2015 nuclear deal with Iran, which removed extensive sanctions on the Iranian economy in return for Tehran's cooperation with the inspection of its nuclear installations.

Trump administration gave the foreign companies 90 to 180 days to close their business with Iran, which ended this week, putting the second phase of sanctions into effect, with expectations of a third round targeting oil exports from Iran.

On Monday, Pompeo released a list of countries that can continue importing Iranian oil for the time being, including China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey. The waivers will allow them to reduce their purchases over the coming months.