Tehran (Reuters): Iran will withdraw from the landmark 2015 nuclear deal if there is no economic benefit from it and major banks continue to fail to do business with the Islamic Republic, Iranian Deputy Foreign Minister Abbas Araqchi said on Thursday.

The July 2015 agreement between Iran and six major powers - Britain, China, France, Germany, Russia and the United States - obliged Iran to restrict its nuclear program in return for relief from sanctions that have crippled its economy.

But US President Donald Trump delivered an ultimatum to European powers on Jan. 12, saying they must agree to “fix the terrible flaws of the Iran nuclear deal” or he would refuse to extend the US sanctions relief on Iran that it calls for.

US sanctions will resume unless Trump issues fresh “waivers” to suspend them on May 12.

“The deal would not survive this way even if the ultimatum is passed and waivers are extended,” Araqchi said.

“If the same policy of confusion and uncertainties about the JCPOA continues, if companies and banks are not working with Iran , we cannot remain in a deal that has no benefit for us,” Araqchi said. “That’s a fact.”