Iran Minister Abbas Araghchi in Capital as U.S. sanctions loom

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Nevertheless, government officials in European countries are aware that European banks are reluctant to forge financial links with Iran while the United States is preparing to impose further sanctions on Iran in November.

Just one day earlier the U.S. Secretary of the Treasury Steven Mnuchin had warned that Washington would impose sanctions against Russia, China, and the European Union if they continue buying oil from Tehran, according to France24.

Instead, according to the diplomats, Pompeo and Mnuchin wrote that the United States wanted to create "unprecedented financial pressure" until Iran makes a "tangible, demonstrable and sustained shift" in policies.

"Now if [US] President [Donald] Trump wants to take credit for it, he should take credit for supporting Daesh which has been what the US and its allies have been doing all along".

It comes as the Trump administration ramps up pressure on Europe and other countries to cut economic ties with Iran over what Washington called Tehran's support for terrorism and spreading of regional instability.

Iran has stated that it is not interested in making a deal regarding their military activities and missile program.

Iran and the U.S. have not had diplomatic relations since 1980, when American embassy officials were held hostage in Tehran.

Striking a defiant note against the U.S.'s demands to "zero" out oil imports and end engagement with Iran, Indian and Iranian officials said they would "maintain the momentum" of bilateral cooperation between them.

The Trump Administration in may pulled out of from the 2015 Iran Nuclear Deal and then chose to impose sanctions on Iran yet again. Indian side conveyed to the U.S. delegation certain facts on the ground.

The 2015 agreement "ordered tough US sanctions on Tehran".

Russian Federation to discuss investing in Iran's oil industry.

Now, European companies are concerned that their ties with the USA could be damaged if they continue doing Iranian deals.

India, China, and Russian Federation are Iran's top importers of oil.

Following that withdrawal, the United States announced it would re-impose sanctions targeting critical sectors of Iran's economy, such as its energy, petrochemical, and financial sectors.

Widespread angst over the return of sanctions on Iran has caused the Iranian currency to reach a record low of 90,000 rials to one US dollar, prompting widespread protests replete with calls for a change in leadership including overthrowing the current regime. "We want to be very careful in the wind down around the energy markets to make sure that people have the time". Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018.

The EU also updating a so-called "blocking statute" that would protect EU firms that do business with Iran from U.S. extra-territorial sanctions.

Since Trump pulled Washington out of the nuclear deal, European countries have been scrambling to ensure that Iran gets enough economic benefits to persuade it to stay in the deal.