IRNA – Iran says that it hopes Europe will take practical and tangible measures to put into practice a financial channel – known as INSTEX – before a July 7 deadline, noting that otherwise the country will suspend further nuclear commitments.

Based on the reports, the EU financial mechanism is not what the Islamic Republic of Iran and the Iranian people expected, Iran’s Foreign Ministry spokesman Abbas Mousavi told reporters on Monday.

On May 8, exactly one year after the US withdrew from a 2015 multilateral nuclear deal with Iran, Tehran suspended some of its commitments under the deal saying the country will take the second step and consider further suspension of its commitments in case the other parties to the deal fail to fulfill their undertakings after 60 days.

Mousavi said that if Europe does not take a significant measure by July 7, Iran will take the second step.

Asked what would be Iran’s second step if the Europeans fail to put INSTEX into practice, the Iranian spokesman said, “The second step has been announced to them; part of which is about enrichment that we will announce the percentage and the level of which soon.”

Mousavi said that the Europeans are making some efforts. However, he noted that their measures should meet Iran’s demands.

If the Europeans take more practical, more tangible and more convincing steps, Iran’s reduction of commitments will be definitely retrievable, he said.