Iran’s Foreign Ministry Spokesman says Tehran has lost any hope of seeing the EU's long-awaited trade mechanism (INSTEX) for Iran in action, Mehr News reports.

“We no longer have any hope to see the INSTEX [Instrument for Supporting Trade Exchanges] in action… If the mechanism was ever going to work, it would have done so by now,” Abbas Mousavi addressed a press conference on Monday, referring to the recent visit by the German banker, Per Fischer, the head of INSTEX, to Tehran.

“We expected the Europeans to fulfill their obligations to the JCPOA after the US’ withdrawal from the pact,” he said, adding that “however, they either were not able to, or did not want to do so.”

“We have not seen any practical move by the Europeans in the past days [since the 60-day ultimatum], and we hope that they will take effective actions in the remaining days,” Mousavi said.

“Otherwise, we will take the second step [regarding the JCPOA commitments],” he stressed.