Foreign Minister Mohammad Javad Zarif accused the US of making a "desperate attempt" to undermine a "solid" deal. "Rather than repeating tired rhetoric, US must bring itself into full compliance - just like Iran".
Three officials said the waivers will be accompanied by other, targeted sanctions on Iran for human rights abuses and a stern warning that Trump will pull out of the nuclear deal negotiated by the Obama administration if fixes aren't made by spring.
Russia, which is also a signatory to the JCPOA, said on Saturday the US would be making a grave mistake by pulling out of Iran's nuclear deal and underlined Moscow's determination to keep the landmark accord intact.
This is a breaking news story and will be updated.
"In the absence of such an agreement", he went on, "the United States will not again waive sanctions in order to stay in the Iran nuclear deal. Europeans have always declared that the nuclear deal is an international achievement, and if it is not respected, the world will not trust us [the West]".
He also wants Congress to alter existing U.S. laws that oversee how the federal government treats the Iran deal - but there is no sign lawmakers will do so anytime soon, or at all. The next deadline for extending nuclear sanctions relief will come in mid-May.
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Iran says the US has "crossed a red line" by imposing sanctions on the head of its judiciary, Ayatollah Sadeq Amoli-Larijani.
The other signatories to the deal - Britain, China, France, Germany and Russia - and the European Union, which oversaw the talks, were watching carefully.
Iran vowed on January 13 to retaliate against the sanctions on Larjani.
The decision to waive the sanctions was to be announced in a statement issued by the White House a day after Trump engaged in lengthy discussions with US Secretary of State Rex Tillerson, national security adviser H.R. McMaster and others about the deal.
Regarding the U.S.'s continued involvement in the Iran nuclear deal - which Trump has called multiple times "one of the worst deals I've ever seen" - the president said: "Despite my strong inclination, I have not yet withdrawn the United States from the Iran nuclear deal". "It gave Iran far too much in exchange for far too little".
Congress has so far shown little interest in using legislation to undercut or change the current Iran nuclear deal. A decision to withhold a waiver would have effectively ended the deal that limits Iran's nuclear programme.
Two senior Trump administration officials told Reuters on Wednesday that the president, a Republican, had privately expressed reluctance to heed the advice of top advisers recommending he not reimpose the suspended sanctions.
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