By Fatih Erel
GENEVA
Switzerland on Wednesday lifted previously suspended sanctions against Iran.
Welcoming the nuclear agreement reached by the P5+1 (China, Russia, US, France, the UK, and Germany) and Iran on July 14, the Swiss Federal Council said in a statement on Wednesday: "This agreement opens up new political and economic prospects with Iran, including bilateral relations."
"Given this important turning point in the 12-year nuclear dispute, the Federal Council decided on August 12 to lift the sanctions against Iran that had been suspended since January 2014 and to issue a new exemption clause," the council said.
"The Federal Council decided to lift the ban on precious metals transactions with Iranian state bodies, as well as the requirement to report trade in Iranian petrochemical products. It also lifted the requirement to report the transport of Iranian crude oil and petroleum products as well as insurance and reinsurance policies taken out in relation to such transactions," it said.
On July 14, Iran and the six world powers signed an agreement in Vienna that closed nearly two years of contentious talks that focused on providing Tehran with sanctions relief in return for unprecedented curbs and inspections on its nuclear program.
