In a speech broadcast on Israel Radio and other Israeli media outlets, Peres warned the move to halt co-operation with Israeli entities in the West Bank, East Jerusalem and Golan Heights will damage efforts by U.S. Secretary of State John Kerry to spur resumption of peace talks between Israel and the Palestinians.
"Give peace a priority and give peace a chance," Peres said. "The publication of the resolution is unnecessary and untimely," he said, warning it could "create another crisis."
"Nothing will happen if you wait a few months. This is a critical period don't spoil it," he said.
Prime Minister Binyamin Netanyahu echoed similar sentiments in talks with European Union leaders, the report said.
A directive published by the EU June 30 and effective Friday calls on all 28 members to refrain from cooperating and funding Israeli entities in the West Bank, East Jerusalem and the Golan Heights.