France is looking to see if the European Union could compensate European companies that might be facing sanctions by the United States for doing business with Iran, said French Finance Minister Bruno Le Maire on Sunday. Le Maire referred to the 1996 EU rules, which he said could allow the EU to intervene in this manner to protect European companies against any US sanctions, adding that France wanted the EU to toughen its stance in this area. In 1996, the United States tried to penalize foreign companies trading with Cuba, but the EU forced Washington to back down by threatening retaliatory sanctions. European firms doing business in Iran face sanctions from the US after President Donald Trump withdrew from the 2015 nuclear deal with Iran. "Are we going to allow the United States to be the economic policeman of the world? The answer is no," Le Maire told C News TV and Europe 1 radio on Sunday. On Saturday, the European Unions energy commissioner sought to reassure Iran that the EU was committed to salvaging the nuclear deal with major powers despite Trumps decision to withdraw from it and reinstate sanctions. During his visit to Tehran, EU Commissioner, Miguel Arias Canete said the EU, which was once the biggest Iranian oil importer, is interested in boosting trade ties with Tehran. “We have sent a message to our Iranian friends that as long as they are sticking to the (nuclear) agreement the Europeans will... fulfill their commitment. And they said the same thing on the other side,” Canete told reporters after talks with Iran’s nuclear chief Ali Akbar Salehi. Since Trump’s announcement of the US exit on May 8, EU leaders have pledged to try to keep Iran’s oil trade and investment flowing, but admitted that it will be a difficult task. “The ball is in their (EU leaders) court,” Salehi said, adding: “We hope their efforts materialize.” Trade between Iran and EU reach 20 billion euros. In 2017, Iran bought 10 billion euros worth of goods from EU. The six major importers from Iran in the EU are: Spain, France, Italy, Greece, the Netherlands and Germany. Iran produces 3.8 million barrels of oil per day, of which 70 percent is bought by China and 20 percent by Europe. Iran also has the second largest gas reserves in the world, but most of its production is for domestic consumption. Exports are minimal due to a lack of necessary infrastructure.