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 EU rules going back to 1996 which he said could allow the EU to intervene in this manner to protect European companies against any U.S. sanctions, adding that France wanted the EU to toughen its stance in this area.

In 1996, when the United States tried to penalize foreign companies trading with Cuba, the EU forced Washington to back down by threatening retaliatory sanctions.

European firms doing business in Iran face sanctions from the United States after President Donald Trump withdrew from a 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.

Le Maire added it was important Italy kept its EU budget commitments, in light of plans by Italy's new coalition government to ramp up spending - which could put Rome at odds with the EU.