"Given the illegal nature of these sanctions, the Islamic Republic of Iran has not given and will not give any value or credit to these sanctions waivers," Iranian Foreign Ministry Spokesman Abbas Moussavi said on Monday.
"However, with regard to the practical negative effects of these sanctions and a possible rise in these negative impacts after [US] refusal to renew the waivers, the Foreign Ministry has been in constant touch with all relevant domestic institutions and has held comprehensive consultations with many foreign partners, including Europeans, international [ones] and neighbors," he added, noting Iran would make a proper decision in this regard and announce it soon, Presstv reported.
In a statement issued on Monday, the White House said US President Donald Trump has decided not to renew waivers that allow eight countries to buy Iranian oil without facing Washington's sanctions.
The White House said that the US president would not reissue Significant Reduction Exceptions (SREs) when they expire in early May, a move aimed at bringing Iran’s oil exports to zero.
"The United States, Saudi Arabia and the United Arab Emirates ... along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied," the White House statement said, adding, "We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market."