Rouhani says U.S. unaware about consequences of Iran oil ban

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This comes on the heels of USA efforts to block and eliminate Iran's oil sales, which was met with a harsh response from Iran.

The UAE, an American-allied federation of seven sheikhdoms on the Arabian Peninsula, hosts some 5,000 US troops.

New US sanctions against Tehran will encompass businesses from third countries that continue to operate in Iran.

Washington has been pressuring its allies to halt all purchases of Iranian oil by November 4.

The signatories to the deal, minus the United States, have been working on a ministerial meeting in Vienna for weeks and the date has slipped several times since preparations began. "Therefore, we will import goods from oil clients such as India, China and South Korea as we did during the previous round of sanctions".

Yet proposals to ensure European finance to bypass American sanctions have been met with skepticism by EU members states faced with threats to exports worth more than $435 billion to the US.

Government officials called speculation over the cancellation "unfounded".

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude oil sales", said Director of Policy Planning Brian Hook.

Switzerland - where significant parts of the pact known as the Joint Comprehensive Plan of Action were negotiated - will work to ensure that future U.S. sanctions do not target any humanitarian goods, Bern said in a statement.

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The meeting will seek "solutions to preserve the Iran nuclear deal after the illegal United States action to withdraw", it said.

"I really don't see how this is feasible from either a political or market perspective", said Richard Nephew, who helped negotiate the original oil sanctions on Iran and who is now at Columbia University's Center on Global Energy Policy.

"These three countries account for about half of Iran's oil exports", it said.

"These are exaggerated statements that can never be implemented", Rouhani told reporters in Bern, after holding talks with Swiss authorities on a range of issues, including the nuclear deal.

The Iranian president reiterated Tehran's position that it would remain committed to the JCPOA so long as the country can enjoy its "benefits".

The sanctions would include a universal ban on Iran over buying or acquiring USA dollars as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects.

According to the sources, External Affairs Minister Sushma Swaraj had not given any assurance to her Iranian counterpart Mohammad Javad Zarif about oil import from Iran when they held talks here in May.

Iran had struck the JCPoA (Joint Comprehensive Plan of Action) deal with the U.S., the UK, Russia, China, France and Germany after years of negotiations.

The leader of Saudi Arabia promised US President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

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