Major powers, Iran meet to salvage nuclear deal without U.S.

“Iran will not abandon its defensive weapons... including its missiles that make America so angry,” Rouhani said

The United States began reimposing economic sanctions this summer and the most draconian measures, which seek to force Iran's major customers to stop buying its oil, resume November 5.

European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini talks to the media as she arrives for the informal meeting of European Union leaders ahead of the EU summit, in Salzburg, Austria, September 19, 2018.

A second round of United States sanctions is expected in November, aimed at putting a stranglehold on Iranian oil exports.

Appearing alongside Iranian Foreign Minister Mohammad Javad Zarif at the UN, European Union foreign policy chief Federica Mogherini read out a joint ministerial statement following a meeting with the foreign ministers of France, Germany, Britain, China and Russian Federation.

"In practical terms, this will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law", she said.

A statement said they were determined to "protect the freedom of their economic operators to pursue legitimate business with Iran". Several European officials said the new system has been created, which is akin to the barter system.

Some analysts, however, fear that the U.S. could amend its sanctions laws to ban such barter transactions.

Trump, who has warm relations with Iranian rivals Saudi Arabia and Israel, has pulled the United States out of an global agreement to constrict Iran's nuclear program and instead has restored sanctions.

"The evil and adventurous American president has focused on an economic war and cruel sanctions to deviate the Iranian nation from the revolutionary values and its national interests", the Guards said in a statement.

The nuclear agreement is meant to prevent Tehran from developing nuclear weapons, but Trump announced in May he was unilaterally pulling out because he felt it wasn't strong enough and didn't cover other issues of concern to the USA and its allies, such as Iran's military influence in the Middle East and ballistic missile program.

Trump considered it flawed because it did not include curbs on Iran's ballistic missiles programme or its support for proxies in Syria, Yemen, Lebanon and Iraq.

The value of Iran's currency, the rial, has been damaged by the new U.S. policy.

The White House promised Monday to keep exerting "maximum pressure" on Iran and said new sanctions were in the pipeline while insisting that the United States was not seeking the overthrow of Tehran's clerical regime. The rial has lost about two-thirds of its value this year, hitting a record low against the U.S. dollar this month.

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