The US has imposed sanctions on 11 Iranian entities for their alleged role in Tehran's recent ballistic missile test.
Approved by the US Treasury Department, the sanctions ban blacklisted firms from using the country's banking system.
The sanctions come immediately after the world lifted sanctions on Iran.
US President Barack Obama was quoted by Reuters as saying: "This is a good day because once again we are seeing what's possible through strong American diplomacy."
"These things are a reminder of what we can achieve when we lead with strength and with wisdom."
The International Atomic Energy Agency cleared Iran of its alleged involvement in nuclear and ballistic missile-related activities, despite a ban preventing the action under a 2010 Security Council resolution.
Last year, a UN report accused Iran of violating sanctions by attempting to procure Grade 5 titanium alloy bars.
In November, a medium-range Ghadr-110 ballistic missile was reportedly tested from a site in southeast Iran.
The UN panel claimed that Iranian rocket launches from 2012 and 2013 also violated the UN ban.
Iran had earlier denied that the test-fire was in violation of the resolution, with Foreign Minister Mohammad Javad Zarif claiming that none of the country's missiles carry nuclear warheads.
In a separate development, the US and Iran finalised a prisoner swap in which seven Iranians, held in the US for violating nuclear-related sanctions, were exchanged for four Americans imprisoned in Iran.
Image: The diplomats from France, Germany, the European Union, Iran, the UK and the US, China and Russia signing the Iranian nuclear programme in 2015. Photo: courtesy of US Department of State.