Mohammad Javad Zarif made the remarks upon arrival in the Bangladeshi capital of Dhaka on Tuesday evening while speaking to reporters.
"If the Europeans do not take action to fulfill their commitments before Thursday, we will have the third step," Zarif said.
He said that President Rouhani will announce the details of Iran's third step to further reduce JCPOA commitments soon.
The top Iranian diplomat added that taking the third step would not mean the end of the negotiations, adding "as we also stated in the Supreme National Security Council''s statement, we will continue the negotiations and whenever the other side returns to fulfilling its obligations, then we also can stop the actions that we have taken under Article 6 [of the JCPOA].)
Heading a high-ranking politico-economic delegation, Zarif arrived in the Bangladeshi capital of Dhaka to hold high-level talks with senior officials of South Asian country. He will depart for Indonesia as the next stop of his several-nation Asian tour he started recently.
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