China, Germany, Russia, France and the United Kingdom; countries that were also signatories to the agreement, moved quickly to try and undo President Trump's decision.
The sanctions clash came as some European countries, including France and Germany, served notice that they are considering counter measures to allow their firms to keep trading with Iran.
But Secretary of State Mike Pompeo said Washington was keen to thrash out a more wide-ranging deal with its allies as Trump said Iran had been "trying to take over" the Middle East since the nuclear agreement was signed. "The agreement against nuclear weapons in Iran is an agreement that certainly has weaknesses, but an agreement that we should stand for".
When the USA imposed sanctions on Iran in 2012, accompanying European measures also restricted the International Group - which is based in London - from providing cover for Iranian shipments. They remain deeply dependent on the United States for security guarantees against Russian Federation - something Trump has grumbled about - and are in the middle of negotiations over an exemption to new US tariffs on steel and aluminum.
Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal.
"Do we accept extra-territorial sanctions?" Other officials called for putting "more teeth into talks with Washington", and asked, "Can't we defend what our own interests are?"
"The snap-back of USA sanctions will have a major effect on shipowners and their insurers and Skuld and the IG are closely monitoring developments", Skuld said on its website.
"Certainly, a bank which only works with Euro will strengthen Euro itself", Majedi said as quoted by the Iranian Fars news agency.
"Since the signing of the JCPOA (nuclear deal), we have gone from an atmosphere like a gold rush, to one of utter depression", said a Western trade diplomat on condition of anonymity.
When he quit the deal last week, US President Donald Trump gave businesses a maximum of six months to wind up operations in Iran or face swingeing penalties under American sanctions.
Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin would try to "persuade the USA government to change its behavior".
"Let's not fool ourselves that there are dozens of things we can do", said a senior European diplomat.
"Germany, France and Britain, the "EU3", say themselves that Iran poses a threat".
But, she added, "with the nuclear deal in place we have better chances to address any other issues we have to address with Iran".
Pointing also to the USA withdrawal from the Paris accord on climate change, Merkel added: "If we always say that, if we don't like things and we can't achieve a new global order, everyone will do what they feel like, that's bad news for the world".
In a Sunday statement, the Assembly of Expert underlined that Iran's diplomatic apparatus put hard efforts into preserving the JCPOA but in some cases it crossed the red lines set by Leader of the Islamic Revolution. The International Atomic Energy Agency (IAEA) has constantly maintained that Iran is sticking to the terms of the agreement and is not cheating, a fact independently verified by the USA military as well.
Europe may be ready to treat Trump as adversary.
Le Maire proposed creating a European body that would have the same kind of powers that the U.S. Justice Department has to punish foreign companies for their trade practices.
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