Following a historic nuclear deal last month between Tehran and the 5+1 group of countries, Switzerland announced on Wednesday that the government will lift its sanctions against Iran in a move to "promote a broad political and economic exchange with Iran.”
"The Federal Council (government) wishes today's steps to be seen as a sign of its support for the implementation of the nuclear agreement and its interest in deepening bilateral relations with Iran," a statement said.
The decision removes a ban on precious metals transactions with Iranian state bodies and the requirement to report trade in Iranian petrochemical products, according to the government statement. It also eliminates an obligation to report the transport of Iranian crude oil and petroleum products and rules on insurance and reinsurance policies linked to such transactions. The measures already had been suspended since January 30, 2014.
Iran and the six states recently adopted the Joint Comprehensive Plan of Action (JCPOA) to put an end to more than a decade of differences over Tehran's nuclear program. Under the JCPOA, limits are put on Iran’s nuclear activities in exchange for a set of commitments by the 5+1, including the removal of all economic and financial bans against the Islamic Republic.
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