European Union's Foreign Policy Chief Federica Mogherini and Iranian Foreign Minister Mohammad Javad Zarif held a joint press conference on Monday night (New York local time) to elaborate on the results of a meeting between the remaining parties of JCPOA, namely France, the UK, Germany, Russia, China, and Iran.
Trump tweeted just hours before both leaders were set to speak at the UN General Assembly, and four months after the U.S. president ditched the Iran nuclear deal.
The Joint Comprehensive Plan of action, as the nuclear deal is officially known, was negotiated during the U.S. presidency of Barack Obama.
Trump is expected to take a hard line with Iran at this session and id likely to try to persuade others to follow him in penalising the state for its nuclear activity and support of terrorism.
Media captionUS-Iran sanctions: What do they mean?
The European Union, along with Russian Federation and China, said in a joint statement that the so-called "Special Purpose Vehicle" will "assist and reassure economic operators pursuing legitimate business with Iran".
It was spearheaded by the Obama administration and saw the lifting of worldwide sanctions.
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They are unbeaten so far with two wins and two draws, while Cultural are in sixth place with two wins, a draw and a loss.
Iranian "ghost tankers" are dismantling their vessel tracking systems upon leaving the Strait of Hormuz in a bid to sell oil secretly around the world as Tehran braces for the Trump administration to reimpose harsh sanctions on its energy sector.
Under the accord, most worldwide sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear program.
Meanwhile, the EU has vowed to stick with the deal and updated legislation to protect European companies from future sanctions.
Rouhani has said he has no plans to meet Trump while in NY during the marathon of meetings and slammed the offer of talks as "not genuine". European countries are trying to salvage the landmark accord.
"If the Italians want to buy some Iranian oil, they will wire the money to this entity which will then handle the financial transactions from there and vice versa", he said. Further restrictions, planned for early November, are set to hit Iran's oil and shipping sectors.
Rodger Shanahan, a research fellow at the Lowry Institute for International Policy, called the European Union agreement "a poke in the eye for the US".