Iran's stockpiles of low-enriched uranium have exceeded 300 kilograms, Iranian Foreign Minister Javad Zarif said July 1, Fars News Agency reported. The statement was confirmed to Western diplomats by the International Atomic Energy Agency. Why It Matters: The excess had been expected ever since Iranian officials said in May that they would begin exceeding the 300 kilogram limit they had agreed to as a part of the Iran nuclear deal, or Joint Comprehensive Plan of Action (JCPOA)­­. Iran has also criticized the Instrument in Support of Trade Exchanges, a mechanism established in January by France, Germany and the United Kingdom (the EU3) to facilitate nondollar trade with Iran, saying it would not be enough for Iran to stop escalating its nuclear activities.