Bolton explained that the sanctions will seek to reverse the damage done by the Obama administration's nuclear deal with Iran, which empowered the regime with billions in cash and access to the global financial system.
The high-level meeting follows the reimposition of sanctions on Iran by the USA on Tuesday, which a White House statement said targeted the country's energy sector and foreign financial institutions doing business with the Central Bank of Iran.
Iran's President Hassan Rouhani - who insists that its nuclear programme is entirely peaceful - has accused Mr Trump of waging "psychological warfare", and ruled out face-to-face talks with him while the sanctions remain in place.
The US has dismissed the threat as a bluff.
China and Germany defended their business ties with Iran on Wednesday in the face of President Donald Trump's warning that any companies trading with the Islamic Republic would be barred from the United States.
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The national security adviser explained that the sanctions are meant to motivate the Iranian regime to "commit to give up their nuclear weapons program, their ballistic missiles, their support for terrorism". Even though the Turkish refiner Tupras has already cut back on oil shipments from Tehran, a complete halt to energy imports from Iran is hardly possible, Reuters added.
Mark Dubowitz, chief executive of the Foundation for Defense of Democracies, said the first wave of sanctions targeting Iran's automotive sector as well as gold, steel, and other metals will add fuel to the protests.
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"China's commercial cooperation with Iran is open and transparent, reasonable, fair and lawful, not violating any United Nations Security Council resolutions", it said.
"These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level".
With natural gas accounting for almost 40 percent of Turkey's electricity production, Donmez said that Turkey would continue this trade, as "we can't possibly leave our citizens in [the] dark".
European countries have also vowed to protect the nuclear deal by continuing to trade with Iran.
Heiko Maas said ongoing unrest in Iran - worsened by the sanctions imposed on Monday - could 'boost radical and fundamentalist forces'.
Despite the political will to hold firm, many large European firms such as German automaker Daimler are leaving Iran for fear of United States penalties.
However, a senior U.S. official said it was "not particularly concerned" by the move because many major firms had already announced they were pulling out of Iran.