Switzerland Starts Easing Economic Restrictions on Iran

TEHRAN (Tasnim) – The Swiss Federal Council announced it has eased part of the country's economic restrictions against Iran after the implementation of the interim deal between Tehran and the six world powers on January 20.

Switzerland Starts Easing Economic Restrictions on Iran

The council announced in a statement that Switzerland has lifted sanctions on precious metals, petrochemical products, transport of Iranian oil and petroleum products, and the provision of insurance for shipments.

The country said Wednesday that it has suspended part of its economic sanctions in accordance with the Geneva nuclear deal and for a six month period until August 14, 2014.

The statement also noted that ceilings were raised tenfold for transfers of funds to Iranians.

The Swiss council added that it was following a move by the European Union, which agreed on January 20 to suspend part of the sanctions imposed on Iran.

On November 24, 2013, Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) signed a six-month deal on Tehran’s nuclear program in Geneva after several rounds of tight negotiations.

Based on the interim deal (the Joint Plan of Action), the world powers agreed to suspend some non-essential sanctions and to impose no new nuclear-related bans in return for Tehran's decision to suspend its 20% enrichment for a period of six months.

Such relief would include suspension of some restrictions on trade in gold, precious metals and petrochemicals, and in the auto industry. The deal allows third-country purchases of Iranian oil to remain at current levels. Some $4.2 billion in oil revenues would be allowed to be transferred to Iran.

Some sanctions reliefs have started on the first day of the six-month agreement's implementation – January 20 – and some will be withheld until its final day.

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