Switzerland has followed the US’ lead by easing some sanctions against Iran. The European nation has agreed to suspend sanctions on Iranian petrochemical products until August 2014, according to Reuters.
In a statement issued by the Swiss Federal Council, Switzerland said it was following the lead of the US and the European Union. The EU agreed on 20th January to suspend some sanctions against Iran whilst the United States eased some sanctions last week.
The Swiss lifted a ban on trade in petrochemical products, transport of Iranian oil or petroleum products, and the provision of insurance for shipments, it said. Ceilings were raised tenfold for transfers of funds to Iranians, it added.
