Mnuchin said he would meet counterparts from developed and developing countries on the sidelines of a Group of 20 finance ministers' meeting in Buenos Aires from July 19 to 22.
The French oil major Total SA is one of the them, which announced last month that it would not continue its project in Iran unless it gets a waiver from the USA government. "We want to be very careful in the wind down around the energy markets to make sure that people have the time".
Several European countries sought specific waivers from the US sanctions, but French Finance Minister Bruno Le Maire told French media over the weekend that Washington had rejected France's request for waivers for its companies operating in Iran.
The US is re-imposing sanctions on Iran after the Trump administration chose to walk out of the Iran nuclear deal of 2015.
The issue figured during the 15th round of Foreign Office Consultations between the two countries during which a host of other issues, including implementation of Chabahar port project also figured, official sources said.
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"What we need from the Europeans is both the political commitment, which they have made, now we need to see the measures in place on the ground, not simply in writing, not simply in words - in the banking sector, in the investment sector, in the energy sector, in the transportation sector, in the SME sector", Zarif told Euronews in an interview.
Russian Federation is ready to invest $50 billion in Iran's oil and gas industry as the United States is looking to cut as much Iranian crude oil exports from the market as possible.
Iranian Foreign Minister Mohammad Javad Zarif wrote on Twitter, "Iran is committed to the rule of law in the face of United States contempt for diplomacy and legal obligations". "It's imperative to counter its habit of violating global law".
The Trump administration has been going back and forth over how hard it plans on pushing countries to cut their imports of Iranian oil to zero.
The Trump administration claims that more than 50 foreign companies have withdrawn from Iran since the sanctions were announced.
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 USA dollar, prompting widespread protests replete with calls for a change in leadership including overthrowing the current regime.
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Araqchi, who was on a visit to New Delhi to attend the fifteenth round of Foreign Office Consultations between Iran and India, says India is one of the biggest customers of Iran's crude oil and the Islamic Republic has been a reliable supplier for India.
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.
Japan's expected reduction in Iranian oil imports in August creates demand for more than 100,000 b/d of alternative supplies during peak summer demand.
The Organization of the Petroleum Exporting Countries (OPEC) agreed with Russian Federation and other Crude Oil-producing allies on 23 June to raise output from July, with Saudi Arabia pledging a "measurable" supply boost.
The Organisation of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers.
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