The news was announced by the Fars news agency which is closely linked to the Iranian government. President Trump withdrew the US from the Iran nuclear deal in May last year and reimposed sanctions on Iran. A group of EU countries have launched a new trade vehicle, called the Instrument in Support of Trade Exchanges (INSTEX), to allow trade with Iran to continue whilst dodging US sanctions.
Fars quoted a senior Iranian official as saying the country would “soon” possess over 300kg of low grade enriched uranium.
Enriched uranium is a key component in making nuclear weapons, though Iran has always insisted its nuclear programme is peaceful.
Speaking to Fars the official commented: “Iran is determined to cut its commitments to the deal and the 300kg enriched uranium limit will be soon breached.”
However Iran would need to increase its enriched uranium stockpiles well beyond 300kg to build a nuclear weapon.
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It would also have to enrich to a much higher extent than it has done so far.
Trump took America out of the Iran nuclear deal last year claiming Tehran was violating its spirit by continuing to develop ballistic missiles and backing terror groups across the Middle East.
He commented: “It is clear to me that we cannot prevent an Iranian nuclear bomb under the decaying and rotten structure of this deal.
“The Iran deal is defective to its core.”
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However the UK, EU, France, Germany, Russia and China, who had also signed up to the deal, continued to support it.
Tensions between the US and Iran have surged this month following a series of attacks on oil tankers passing through the Gulf of Oman.
Iran has consistently denied any involvement in the incidents.
President Trump also considered a military response after an unmanned US drone was shot down by Iranian forces.
He later claimed he’d cancelled the attack after being told it would result in 150 Iranian deaths.