Bolton: Iran Should "Come to the Table" If Wants to Avoid US Sanctions

"They could take up the president's offer to negotiate with them, to give up their ballistic missile and nuclear weapons programs fully and really verifiably not under the onerous terms of the Iran nuclear deal, which really are not satisfactory," Bolton said.

At the same time, the official noted that Tehran's threats to block the Strate of Hormuz would be the country's worst mistake, though he didn't believe Iran would do so.

READ MORE: 'Main Beneficiary of US Sanctions on Iran Will Be China' — Political Commentator

According to the US Treasury, starting from August 6, the sanctions will be reinstated on the purchase of Iran's sovereign debt and Iranian rials. The punitive measures will also apply to Iran's trade in gold and precious metals, sale to and from Iran of aluminum, steel, coal and certain types of software. The restrictions will also extend to Iran's automotive industry as well as on the purchase of US dollars by the Iranian government.

On May 8, US President Donald Trump announced that Washington was withdrawing from the 2015 Iran nuclear deal and would be reinstating sanctions on Tehran. The decision gave foreign companies grace periods of 90 to 180 days to stop trading with Iran.