Switzerland today said it will officially lift sanctions against Iran that had been suspended since January 2014, citing a deal last month between Iran and six big powers to curb the Islamic Republic's nuclear programme.
"On August 12, 2015, considering the decisive turn negotiated in this file open for twelve years, the Federal Council decided to lift the sanctions against Iran, which had been suspended since January 2014, and to enact a new provision derogation. Changing the order referred take effect on 13 August 2015," said a statement from the Swiss Federal Council.
In a meeting of the Federal Council, it was decided that the ban on trading in precious metals will be lifted.
Similarly, mandatory reporting on trade in petrochemicals, oil transport or Iranian oil products as well as insurance and reinsurance products in relation to those activities has been removed.
The thresholds applicable for mandatory declaration and authroisation has been multiplied by ten for transfers of funds for Iranian people as beneficiaries or principles.
The sanctions were already suspended since January 30, 2014.
The Swiss government has been neutral and balanced towards Iran, the statement said.
"The decision today reflects the support of the Federal Council on the implementation of the agreement and demonstrates interest in deepening bilateral relations with Iran," said the Swiss government.
Switzerland is not a part of the EU.
The Federal Council reserves the right to reintroduce the measures if the implementation of the agreement were to fail, said the statement.