Iran will continue to reduce its commitments on a nuclear deal if it does not receive European guarantees of protection against US sanctions, said Iranian Foreign Minister Mohammad Javad Zarif on Wednesday.

“Under current circumstances and if no action is taken (by the Europeans) we will take the next step (in cutting commitments),” Reuters reported quoting Zarif. 

According to the Iranian side, it will reduce its commitment to the nuclear deal and may even withdraw from it if the Europeans do not find ways to shield its economy from the US sanctions.

Iranian President Hassan Rouhani announced on May 8, 2019, that Tehran suspends part of its obligations under the nuclear deal. Tehran moved on July 7 to the second phase of the suspension and promised to reduce commitments every 60 days if other participants do not adhere to the deals reached.

The EU announced the launch of the INSTEX settlement mechanism with Iran during the previous meeting on a nuclear deal at the level of political directors on 28 June. On July 17, Russian Foreign Minister Sergey Lavrov noted that transactions worth several million dollars had passed through INSTEX, although this is negligible. Following the Sunday meeting, Iranian Deputy Foreign Minister Abbas Araghchi said that the mechanism created by the Europeans had not yet worked.