Bruno Le Maire, the French finance minister, said European states will also try to impose sanctions-blocking measures through the European Commission.
Acknowledging that the Europeans are disappointed that the USA got out of the deal. Hostilities between Iran and Israel have already escalated in recent days.
Trump's tough talk now on sanctions is at odds with what he told France's Emmanuel Macon and May just six months ago as he moved toward yanking the USA out of the deal.
Iran said it may resume uranium enrichment in a higher rate in weeks if it finds nuclear deal will not work anymore after the USA pullout from the deal.
However, the USA ambassador in Berlin, " Richard Grenell, stated firms should issue the morality of conducting business with Iran.
Meanwhile, the Kremlin said that Russian Federation and its ex-Soviet allies will sign a free trade pact with Iran.
Speaking on "Fox News Sunday", Secretary of State Mike Pompeo said withdrawing from the 2015 accord wasn't aimed at Europeans, but he didn't rule out the USA imposing sanctions on entities that continue to do business with Iran, even as efforts continue to strike a new deal.
International Minister Heiko Maas claimed trans-atlantic ties was being destroyed by changes in USA coverage.
Another proposal is to oversee euro-dominate transactions with Iran as Mr Le Maire plans to meet with German and British finance ministers to move the plan along.
"It is exactly when the things don't go well that rationality, calm, predictability, respect, dialogue are the most needed to avoid the worst case scenarios, to avoid conflict to spiral out of control", she said.
Europe's options, however, are limited. The U.S. exit, together with its threaten to sanction companies economically involved with Tehran, has sparked outrage in Europe. The White House has said the US will put those sanctions back into place.
Planemakers Airbus and Boeing, oil companies and auto manufacturers like France's Renault and Peugeot could be among companies hardest hit. The announcement triggered USA plans to reimpose sanctions on the Islamic Republic within roughly three to six months.
However, Le Maire acknowledged he has "no illusions" that he'll get what he asked for. The answer is no, ' Le Maire said. Another could be an independent financing mechanism allowing European companies to avoid US banks.
Le Maire claimed Paris was seeking USA waivers and more transition periods within Iran for French businesses which includes Renault and complete, while still pressing for eu actions to boost the bloc's "financial sovereignty" in the lengthier term.
Meanwhile, the US government tried to further pinch Iran's finances by disrupting a currency exchange network allegedly used to transfer millions of dollars to Iran's Revolutionary Guard.