Switzerland has lifted its a number of its sanctions against Iran, which had been suspended since January 2014. The Swiss government cited the nuclear deal (JCPOA) agreed between Iran and the E3/EU+3 last month, stating in its press release that “The Federal Council 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”.
Switzerland’s sanctions regime on Iran had banned trade in precious metals with Iranian state bodies and required that all trade in and relating to Iranian petrochemical products be reported. The Federal Council has also increased the threshold values for reporting and licensing obligations in relation to money transfers involving Iranian nationals ten-fold. In addition, a new exemption clause has been introduced by the Swiss government to The Ordnance of Measures regarding the Islamic Republic of Iran, authorising moves to implement UN Security Council Resolution 2231 (see previous blog).
The Federal Council stated that it will monitor the implementation of the JCPOA and adapt Swiss measures accordingly, adding that “should implementation of the agreement fail the Federal Council reserves the right to reintroduce the lifted measures”.