The Trump administration says it will reimpose nuclear sanctions on Iran immediately but allow grace periods for businesses to wind down activity so they don't violate the sanctions.
It comes after President Donald Trump announced Tuesday that the U.S. would withdraw from the Iran nuclear deal.
The Treasury Department says there will be "certain 90-day and 180-day wind-down periods" but isn't specifying which sanctions will fall under which timelines. Treasury says at the end of those periods, the sanctions will be in "full effect."
The Treasury Department says that includes secondary sanctions, which punish even non-Americans if they do business with Iran.
National security adviser John Bolton says effective immediately, nobody should sign contracts for new business with Iran.