The announcement was made on Friday as the US continues to take tough measures against Iran for continuing their activities related to nuclear arms.
Iran's foreign minister alleged the killing of Mohsen Fakhrizadeh bore "serious indications" of an Israeli role, but did not elaborate.
Hassan Rouhani's comments mark the highest-level response from Iran to Biden and Vice President-elect Kamala Harris clinching the November 3 election.
The United Nations banned Iran from buying major foreign weapon systems in 2010 amid tensions over its nuclear program. An earlier embargo targeted Iranian arms exports.
Wang and Javid Zarif also reaffirmed their commitment to Iran's 2015 nuclear deal with world powers, according to the Chinese foreign ministry.
Harris highlighted that Russia interfered in the 2016 US Presidential elections and said Trump prefers to take the word of Putin over the American intelligence.
Rafael Grossi, head of the International Atomic Energy Agency arrived in Iran on Monday to press for access to sites where authorities are thought to have stored or used undeclared nuclear material.
Pompeo announced on Wednesday that the waivers will end following a 60-day wind-down period that is meant to allow businesses to cease operations.
United States has not only restored sanctions it had removed under the Iran nuclear deal but has also tightened them to try to pressurise Iran to curb its nuclear and missile activities.
The Shiite-majority Iraq has been trying to maintain a fine line as allies Tehran and Washington descended into verbal vitriol.
US President Donald Trump reimposes tough, unilateral sanctions against Iran after exiting 'horrible' nuclear deal
Iranians are already seeing the effects of the sanctions, with Iran's rial currency losing around half its value since Trump announced the US would withdraw from the 2015 nuclear accord.
President Donald Trump withdrew the US from the Iran nuclear deal in May to pursue a maximum pressure campaign against Tehran's atomic programme.
Russian President Vladimir Putin too sounded critical of the US decision, saying the move may destabilise the Gulf region.
Noting that Israel had stayed out of Syria's protracted civil war, in which Tehran backs Assad, Netanyahu said increasing Iranian encroachment required "a new calculus".
Iran nuclear chief Ali Akbar Salehi specified that this was just the start of the production process.