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business Swiss expect limited impact from US-Iran sanctions

swiss and iranian presidents

Iranian President Hassan Rohani with his Swiss counterpart Alain Berset in July.

(Keystone)

The re-introduction of economic sanctions against Iran by the United States is unlikely to have a major impact on Swiss businesses.

The State Secretariat for Economic Affairs (SECO) said that the legal situation remained unchanged and simply advised Swiss companies doing business in Iran to monitor the situation, according to the Swiss News Agency.

Washington is due to re-impose sanctions against Tehran over its nuclear policy on Tuesday.

Three months ago, US President Donald Trump announced the US will withdraw from a 2015 multinational nuclear deal that offered Iran sanctions relief in exchange for ending its enrichment programme.

SECO said that the Swiss government will try to prevent negative consequences for Swiss business, but that possibilities to influence Washington’s sanctions policy were very limited.

Swissmem, the umbrella group of the electrical and mechanical engineering industry, said it expected no major impact as Swiss-Iran trade relations have been modest.

In 2017, Swiss exported goods and services worth CHF532 million ($534 million). Ten years before, exports amounted to about CHF800 million.

Washington has threatened to punish companies which try to ignore the sanctions against Iran.

swissinfo.ch with SDA-ATS/ug

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