Ahead of the talks, Iranian President Hassan Rohani told the leaders of France and Germany that a European package of economic measures to counter the effects of USA sanctions does not go far enough, Iranian news agencies are reporting.
"The EU package is a commitment, but we have to wait and see how it will be put into practice before the first sanction date" of August 6.
"We are ready for all possible scenarios. the collapse of the deal will increase the tension in the region".
"Participants agreed to keep progress under close review and to reconvene the joint commission, including at ministerial level, as appropriate in order to advance common efforts", Mogherini said, adding that all sides were determined to find and implement solutions.
Iran's remaining partners in the 2015 nuclear deal vowed Friday to keep the energy exporter plugged into the global economy despite the United States withdrawal and sanctions threat. The remaining parties have vowed to stay in the accord.
"We want to make it clear to Iran today that it still has economic benefits from this agreement", Maas told reporters.
Beyond the European Investment Bank plan, other elements of the European economic package that Rohani criticized as insufficient include a special measure to shield EU companies from the USA sanctions and a proposal for EU governments to make direct money transfers to Iran's central bank to avoid US penalties.
However, during a phone conversation with French President Emmanuel Macron on Thursday, Rouhani said that the package proposed by European Union leaders "does not meet all our demands", and demanded a "clear action plan from Europe with a timetable so it can compensate for the U.S. exit from the deal".
He added that Europe must translate its commitment and measures into action before the re-imposition of the U.S. sanctions on Tehran.
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Tehran's regional rivals Saudi Arabia and Israel applaud the decision.
European Union foreign policy chief Federica Mogherini says world powers and Iran have agreed to continue talking, including on economic measures, over how to save the 2015 nuclear deal.
Iran's remaining partners in the JCPOA vowed on Friday to keep the energy exporter plugged into the global economy.
Three European nations along with Russian Federation and China vowed at the meeting to keep the energy exporter plugged into the global economy despite the U.S. withdrawal and threat of renewed sanctions, including on Iran's key crude oil exports.
The US sanctions would include a universal ban on Iran over buying or acquiring US dollars as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects.
Lavrov urged new ways of trading with Iran if Washington restores sanctions against Tehran.
The JCPOA is meant to prevent Tehran from developing nuclear weapons, but U.S. President Donald Trump in May said he was unilaterally pulling out because he felt it wasn't strong enough and didn't cover other issues of concern to the U.S. and its allies, such as Iran's military influence in the Middle East and a ballistic missile program.
"We are formulating an offer which, in our opinion, is also attractive for Iran", Maas said.