EU countries previously introduced the Instrument in Support of Trade Exchanges (INSTEX) in order to bypass US sanctions against Tehran and protect the European companies against the secondary sanctions.

The Iranian Foreign Ministry is set to announce to the remaining five signatories of the so-called nuclear deal (Joint Comprehensive Plan of Action) “diminishing commitments” to the agreement, as well as that President Hassan Rouhani will send a letter, state media said on Tuesday.

The report comes shortly after Iranian Foreign Minister Mohammad Javad Zarif said in an interview with Sputnik that Iran would be taking steps concerning the nuclear deal if the European Union is unable to help Tehran counter US sanctions.

READ MORE: Iran Suggests Leaving NPT Nuclear Treaty Possible if US Tightens Sanctions — FM

"As long as Iran's interests are protected by the JCPOA, and the EU sticks to its commitments, Iran will comply with the agreement. As soon as the European Union is unable to help Iran counter-sanctions, Iran's unilateral adherence to the JCPOA may lose its meaning. In that case, the restrictions under the JCPOA may be reviewed", Zarif said.

The minister also stressed that a mechanism similar to INSTEX may be implemented in participation with other interested countries, including Russia and Turkey.

"Iran's version of the European INSTEX is a company known as SATMA. The European Union has been informed of it", he noted.

The Iranian nuclear deal has topped the international agenda since US President Donald Trump announced Washington's withdrawal from the accord in May 2018, also re-instating sanctions against the Islamic Republic due to its nuclear programme.

Other signatories to the deal, including Russia, China, France, Germany, and the UK, however, have confirmed their commitment to the document, also slamming the restrictions Washington unilaterally imposed on Tehran.