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China continues 'fair and lawful' business in Iran, despite USA sanctions

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Zarif met on Tuesday with the his foreign ministry counterpart from North Korea a country also under US sanctions

"We are encouraging small and medium enterprises in particular to increase business with and in Iran as part of something (that) for us is a security priority", she said during a joint press conference with New Zealand Foreign Minister Winston Peters.

Countries like Russia, China and Turkey, however, have said that they would not abide by the U.S. sanctions, and would continue to trade with Iran.

North Korea's foreign minister Ri Yong Ho on Wednesday met with the Iranian President in Tehran on the second day of an ongoing trip to the country, Iranian state news outlets reported, with Rouhani stressing the DPRK should not place excessive trust in American commitments.

Iranian President Hassan Rouhani, speaking in a meeting with North Korea's foreign minister, said that America could not be trusted, according to the Islamic Republic News Agency.

In addition, the Trump administration has sanctioned 38 Iran-related targets.

The newly reimposed sanctions, which target access to United States banknotes and key industries such as cars and carpets, were unlikely to cause immediate economic turmoil.

The visit coincided with the United States reimposing sanctions on Iran after President Donald Trump abandoned a 2015 multilateral nuclear deal in May.

Iran's labor minister was sacked on Wednesday as the fall-out grew over the country's economic meltdown in the face of new USA sanctions.

In a commentary published by the Guardian on Wednesday, Khoshroo stressed that by ditching the nuclear deal with Iran and sanctioning countries engaged in business transactions with the country, the United States is violating UNSC Resolution 2231.

Trump decided this year to pull out of the agreement, ignoring pleas from the other world powers that had co-sponsored the deal, including Washington's main European allies, Britain, France and Germany, as well as Russian Federation and China.

'We still think that it is a mistake to give up on the nuclear accord with Iran, ' Maas said in an interview with the daily Passauer Neue Presse.

Among large European companies that have suspended plans to invest in Iran are France's oil major Total and its big carmakers, PSA and Renault.

"NEVER, EVER THREATEN THE UNITED STATES AGAIN OR YOU WILL SUFFER CONSEQUENCES THE LIKES OF WHICH FEW THROUGHOUT HISTORY HAVE EVER SUFFERED BEFORE", Trump wrote.

The Iranian rial fell to a record low late last month, dropping in value by half since April, leading to sharp price increases and fast-rising inflation.

When talking about Iran's right to the Strait of Hormuz, Rouhani had commented that Americans "should know that peace with Iran is the mother of all peace, and war with Iran is the mother of all wars".

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