The European Union says the US departure from the Iran nuclear deal has had a negative effect on credibility of international agreements.
EU foreign policy chief Federica Mogherini made the remarks on Tuesday while addressing a European parliament plenary session in Strasbourg.
Mogherini went on to underscore the EU's support for the Joint Comprehensive Plan of Action (JCPOA), stressing that the there was no "alternative" to it, regardless of the US withdrawal.
She added that finding solutions for banking and finance issues, is a key challenge for the EU member states.
"The most important challenge now is to find solutions for banking and finance because legitimate trade and investment needs banking partners and financial models that work," she added.
"These issues are being addressed through intensive expert consultations happening basically on the daily basis, including in Brussels and in Tehran last week, but also on the political level," she added.