Iran's President Hassan Rouhani on Wednesday declared "victory" over the United States after the UN Security Council rejected the Trump administration's bid to reimpose UN sanctions on the Islamic republic.

"The Iranian nation has achieved great political, legal and diplomatic success at the United Nations," Rouhani told a televised weekly meeting of his cabinet. "The reason for this victory lies solely in the support and resistance of the people," he said. "America's greatness has collapsed (just like) the global hegemony they thought they had."

In May 2018, US President Donald Trump withdrew from a landmark deal that gave Iran relief from sanctions in return for UN-verified guarantees that it is not seeking nuclear weapons. Since breaking from the accord, the United States has slapped wave after wave of sanctions on Iran that have crippled its economy.

In retaliation since May 2019, Iran has gradually reduced its commitments to the 2015 nuclear treaty known formally as the Joint Comprehensive Plan of Action. Tehran says its response has been in line with the JCPOA, but Washington says it has violated the agreement and sought a "snapback" of UN sanctions on Iran at the Security Council.

The US insisted it was still a "participant" in the JCPOA despite its pullout, but that was rejected by virtually every other member of the Security Council. While denouncing Iranian "violations" of the nuclear deal, French President Emmanuel Macron said on Tuesday that Europe would "not compromise" with the US over its move to reactivate the sanctions.

Rouhani did not comment on Macron's remarks.