Switzerland suspends part of sanctions on Iran

Switzerland says it has suspended part of its economic sanctions against Iran in accordance with the Geneva nuclear deal between Tehran and the six world powers.

Switzerland has lifted a ban on precious metal trade with Iranian public bodies and eased restrictions on trade in petrochemical products, transport of Iranian oil and petroleum products, and the provision of insurance for shipments until August 14, 2014, the Swiss Federal Council said in a statement on Wednesday.

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.

The United States also partially suspended sanctions against Iran in accordance with the nuclear deal Tehran and the six world powers signed in Geneva last November.

As part of the interim deal clinched last November between Iran and the five permanent members of the United Nations Security Council — Russia, China, France, Britain, and the US — plus Germany, Iran started suspending 20-percent uranium enrichment at Natanz and Fordow nuclear sites in the presence of the International Atomic Energy Agency (IAEA) inspectors on January 20.

The IAEA says Iran has given assurances it will not enrich uranium at other locations during the six-month period stipulated in the Geneva agreement.

Iran also started the process to dilute and oxidize its 196-kg stockpile of 20-percent-enriched uranium.

The Geneva accord is aimed at setting the stage for the full resolution of the decade-old standoff over Tehran’s nuclear energy program.

By Press TV


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