Switzerland will officially lift sanctions today against Iran that had been suspended since January 2014. Switzerland announced on August 12, 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 Senate is expected to take up consideration of the Iran deal in mid-September.