The Iranian president, Hassan Rouhani, has responded robustly.
The waiver would be granted for six months period and then would be re-evaluated by the United States, Special US Representative on Iran, Brian Hook told reporters.
The renewed sanctions are designed "to paralyse (Iran's) economy and keep it backward". These sanctions hit at core areas of Iran's economy.
Why is America imposing sanctions?
The "US addiction to sanctions is out of control", Zarif wrote on Twitter.
Secretary of State Mike Pompeo on Friday announced exemptions for eight countries, without naming them.
Secretary of State Mike Pompeo said this morning that snapback sanctions on Iran will be "just a part of the US government's total effort to change the behavior of the Ayatollah Khamenei" and the regime in Tehran.
How will U.S. sanctions work?
"And that's another reason why I think we're going to find it's hard to see them really joining even if their companies are no longer within Iran", he added. The waivers are only temporary, and the USA will expect countries to keep cutting Iranian imports in the months ahead, it added. Besides India, the United States has agreed to let seven more countries including Japan and South Korea to keep buying oil from Iran after it reimposes sanctions next week.
Although Iran is hopeful that selling oil through the Energy Bourse would help it counter the sanctions, experts believe the plan would not be free from challenges.
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As part of efforts by Iran and its customers to keep oil flowing, every single one of Iran's vessels "went dark" in late October, switching off their transponders to avoid worldwide tracking systems, according to TankerTrackers.com - a first since the Stockholm-based watchdog began operating in 2016.
Even with the European Union plan in place, the costs of doing any Iran-related business could still be too high for many companies. "That is who really understands the actions we are taking", he added.
Washington will reapply far-reaching sanctions on Iran's petroleum and banking sectors starting on Monday.
What's the point?Oil is big business in Iran, with exports accounting for more than a tenth of gross domestic product in 2017.
He says small or medium-sized companies are more likely than large companies to use the SPV. Pompeo said eight nations will receive "temporary allotments" from the sanctions due to their ongoing cooperation with the United States. "The transaction itself will be problematic".
The US sanctions waiver will help the market to avoid an immediate price shock, which Trump would not welcome with the US mid-term elections coming on November 6. Those that buy oil from Iran after the cutoff could be penalized, through fines or exclusion from the USA financial system.
The EU, France, Germany and Britain - all co-signatories, along with Russian Federation and China, to the nuclear deal with Iran - said in a joint statement on Friday they regretted Trump's decision to restore sanctions on Iran.
Local media reported that similar demonstrations were held across the country.
"Don't be disillusioned about how painful this will be", says Ellie Geranmayeh, senior policy fellow at the European Council on Foreign Relations.
But they could still end up squeezing global oil supply.
And to fill the gap left by lost European investment, Iran will be looking east to forge new links with Russian Federation and China. The sanctions will come into effect on Monday.