Iran has recently been holding negotiations with Paris about returning to full implementation of the Joint Comprehensive Plan of Action (JCPOA). France offered the Islamic Republic a line of credit that would be guaranteed by Iranian oil revenues but the plan depends on US approval of oil export waivers.

The Islamic Republic has rejected a $15 billion loan offered by the EU, Press-TV reported on Wednesday after Deputy Foreign Minister Abbas Araqchi suggested Iran would resume compliance with the JCPOA if it receives the money before the end of this year.

"Our return to the full implementation of the nuclear accord is subject to the receipt of $15 billion over a four-month period, otherwise the process of reducing Iran's commitments will continue", Araqchi said, according to Fars.

He added that if the country did not receive the tranche, it would continue to roll back its commitments to the nuclear deal

According to reports, however, Tehran will only stop scrapping its obligations under the agreement if it sells as much oil as it used to before Washington re-imposed sanctions.

In the meantime, Iranian President Hassan Rouhani said Tehran was unlikely to reach a deal with European countries in the next few days and stated that Europe would have two months to fulfil its commitments under the accord. Rouhani also noted that Iran would announce the details of its retaliatory step on the deal later in the day, or tomorrow.

© AP Photo / Hamid Foroutan Heavy water nuclear facility near Arak, Iran

US sanctions on Iran were re-imposed on 8 May 2018, when US President Donald Trump unilaterally withdrew his country from the nuclear deal. One year later, Tehran announced it would partially suspend some of its JCPOA obligations and give the other signatories a deadline of 60 days to save the accord.

As the deadline expired, Iran began enriching uranium beyond the 3.67 percent level, outlined in the deal, warning that it would gradually abandon its nuclear commitments every 60 days.