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"We are hopeful that this plan expressed by our president will be implemented if needed".

On Wednesday, a Revolutionary Guards commander said Iran would block oil shipments through the Strait of Hormuz was U.S. President Donald Trump to stop Iranian oil sales.

"Unfortunately, the proposed package lacked an action plan or a clear road map for continuation of cooperation".

"We are trying to do it (economic package) before sanctions are imposed at the start of August and then the next set of sanctions in November".

German Foreign Minister Heiko Maas also said that world powers would not be able to fully compensate for companies who are abandoning their operations in Iran. Washington has since told countries they must stop buying the OPEC producer's oil from November 4 or face financial consequences.

Despite the USA threat to penalise companies and banks that do business with Iran, the remaining signatories said they would work to promote investment and trade.

Five world powers agreed with Iran on Friday to forge ahead with negotiations with the country and maintain its ability to export gas and oil as they seek to preserve a nuclear deal with Tehran despite the withdrawal of the United States.

He said the European powers but also Russian Federation and China were working on coming up with a financial mechanism to mitigate planned tough US sanctions.

"It is easier said than done", he said, adding that the Europeans alone "undoubtedly" do not have enough enough political means to protect the Iran deal from U.S. pressure.

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But Le Drian also warned Iran to "stop the threats" to withdraw from the deal if it does not receive enough guarantees from Europe. The principal benefit Iran has experienced under the deal is a doubling of its oil exports to around 2.8 million barrels a day.

Iran's Islamic Revolution Guards Corps (IRGC) warned Thursday that it could block the Hormuz Strait in the Gulf should the US prevents its oil exports, semi-official ISNA news agency reported.

In light of Washington's push on sanctions, European leaders have said they would do their utmost of maintain business ties with Iran but it would be hard for them to make any "guarantees".

The measure authorizes the bank to work with Iran starting in August, but it does not require it to do so.

Also, the bank has expressed concerns that it will have difficulty raising money in financial markets if it defies the USA sanctions.

"What is important is that we know and we are certain that we want to stay in the deal and we believe that dialogue should continue in peace", she was quoted as saying.

Iran's economy is already suffering from the sanctions that Washington re-imposed after walking away from the nuclear agreement, and the US has threatened to punish companies from other nations that continue doing business with Iran.

Since Trump's announcement, Iran's rial currency has fallen, prices have risen and the country has been hit by street protests and strikes.


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