The foreign ministry vowed to retaliate, but did not say what form any action might take.
The fear among European allies is that ripping up the deal erases any incentive Tehran might have to keep restrictions in place on its nuclear program.
Iranian Foreign Minister Mohammad Javad Zarif announced that the country will commit to no obligations beyond those it has already agreed to under an global nuclear deal, saying US President Donald Trump's latest decision on the deal undermined the solid multilateral agreement.
Trump will now work with European partners on a follow-on agreement that enshrines certain triggers that the Iranian regime can not exceed related to ballistic missiles, said a senior administration officials who briefed reporters on the decision.
"Then we achieve a permanent bar on Iran from ever getting a nuclear weapon or a long-range ballistic missile".
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In particular, placing judiciary chief Ayatollah Sadegh Larijani on the sanctions list "crossed all red lines of conduct in the worldwide community... and the government of the United States will bear responsibility for all the consequences of this hostile move".
"But in his statement, the president will also make clear that this is the last such waiver that he will issue".
Iranian Foreign Minister Mohammad Javad Zarif called Trump's decision an attempt to "undermine" the deal. "I said I would not certify the nuclear deal, and I did not". "America should know that if she wants to continue these illogical measures and breaches of the JCPOA... our current capability is far greater than before the nuclear agreement", said Alaedin Borujerdi, head of parliament's national security and foreign policy commission.
In return, decades of worldwide and United States nuclear-related sanctions were suspended.
Under US law, the president is required to renew the waiver on sanctions every 120 days.
What does Mr Trump want to change?
Congress is split on the issue - hardline Republicans are urging the President to reimpose suspended sanctions and bring an end to the deal, while some liberal Democrats want to make it hard for Trump to withdraw from the deal without congressional consent. "And if at any time I judge that such an agreement is not within reach, I will withdraw from the deal immediately".
Trump plans to negotiate a separate agreement to address flaws he says exists in the Joint Comprehensive Plan of Action (JCPOA), the official name for the 2015 agreement. In November, the body again said Iran was in compliance.