Among the topics of discussion are the European Union and Iran maintaining and deepening economic relations, effective banking transactions, transportation ties, investments and protections for European Union businesses operating in Iran. "I cannot talk about legal or economic guarantees but I can talk about serious, determined, immediate work from the European side". "A lot depends on what we can do within the next few weeks".
According to reports, United States treasury has imposed sanctions on Iran's central bank governor, three other individuals and an Iraq-based bank.
"We must expect more such moves by the Americans".
Major European powers have sought to keep Iran in a landmark worldwide nuclear agreement after President Donald Trump pulled the US out of the pact and promised tough economic sanctions against Tehran.
Iranian officials have threatened to resume enrichment.
Germany and France joined him in reiterating their commitment to the deal, which restricts Iran's nuclear capabilities in return for the lifting of economic sanctions.
He said the negative global reaction to Washington's withdrawal from the nuclear agreement - and the new sanctions it announced Tuesday on Iran's central bank - reflected United States isolation on the Iran issue. "We will have to see whether our remaining participants in the JCPOA can deliver those benefits to Iran, " he said.
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Iranian Foreign Minister Mohammad Javad Zarif has met with European Union foreign policy chief Federica Mogherini as the Europeans seek to keep the Iran nuclear agreement.
He suggested that a scheme of using the yuan, euro, yen and ruble for external trade through state-owned or specialized banks could spell the end of USA sanctions being a stick to beat other nations with.
But the reach of the U.S. financial system, the dominance of the dollar and the presence of European companies' operations in the United States all weaken any potential EU measures.
The Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), was sealed three years ago in Vienna between Tehran and the P5+1 powers (China, France, Russia, UK, US, plus Germany).
"It is going to be very hard for us to preserve the economic benefits of the Iran deal", one senior European diplomat said.
Iran has reacted furiously to the USA pulling out of the deal, with supreme leader Ayatollah Ali Khamenei accusing Mr Trump of threatening its government and its people.