The five remaining parties to the Iran nuclear deal have agreed to establish a special payment system to allow companies to continue doing business with the regime, bypassing new sanctions imposed by the United States.
The European Union and Iran, along with Russian Federation and China, said they were determined to "protect the freedom of their economic operators to pursue legitimate business with Iran" in a statement issued after high-level talks at the United Nations.
Foreign ministers from Britain, France, Germany, Russia, China and Iran said in a joint statement that the so-called "Special Purpose Vehicle" would "assist and reassure economic operators pursuing legitimate business with Iran".
Highlighting how hard it will be for the Europeans to come up with concrete solutions, French state-owned bank Bpifrance on Monday abandoned a plan to set up a financial mechanism to aid French firms trading with Iran.
Rouhani had said on Monday Tehran would not talk to Trump until the U.S. returned to the 2015 deal, though the president insisted the Iranians had sought a sitdown. On Thursday, Trump called on OPEC to lower prices, after benchmark Brent oil reached $80 a barrel, mainly stemming from a decline in exports from Iran, because of fresh US sanctions.
The Belgium-based Society for Worldwide Interbank Financial Telecommunication is crucial to Iran's ability to carry out foreign trade.
Mr Bolton also said the U.S. expected Iran's oil customers to slash their imports of crude oil and pressed the SWIFT global payments messaging system to rethink dealing with Tehran.
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In a speech by the president before the U.N. General Assembly, Trump blasted Iran's "corrupt dictatorship" and accused its leaders of enriching themselves through embezzlement and raiding state coffers to spread "mayhem".
In August, the USA president wrote on Twitter that "anyone doing business with Iran will NOT be doing business with the United States".
In May, Trump withdrew from the 2015 nuclear deal under which Iran relinquished its nuclear material in exchange for relief from financial sanctions.
Trump considered it flawed because it did not include curbs on Iran's ballistic missiles program or its support for proxies in Syria, Yemen, Lebanon and Iraq.
Washington has told countries they must halt all imports of Iranian oil from November 4 or face U.S. financial measures.
The fall of the Iranian rial intensified on Tuesday as it hit a new historic low against the dollar after losing 12 percent of its value since the weekend.