Jump to content
Your browser is out of date. It has known security flaws and may not display all features of this websites. Learn how to update your browser[Close]

Iran embargo

Switzerland eases economic sanctions

Iran's oil production has reportedly been cut by a third and exports halved by the sanctions (Keystone)

Iran's oil production has reportedly been cut by a third and exports halved by the sanctions


Switzerland has agreed to partially lift economic sanctions against Iran following “positive developments” at Iranian nuclear talks in Geneva. The Swiss move is in line with a similar easing by the European Union on January 20.

The Swiss cabinet agreed to suspend until August 14, 2014 all current sanctions on the trade with Iranian state authorities in precious metals and petrochemical products, as well as the transport of crude oil or petrochemicals and reinsurance and other financial services for crude oil.

Switzerland has thus adapted its position according to the agreement reached last November in Geneva on the Iranian nuclear programme, indicated the government spokesman following the weekly cabinet meeting on Wednesday.

On 24 November 2013, the E3+3 group (France, Germany, Britain, Russia, China, and the United States) agreed a joint plan of action with Iranto curb its nuclear programme in return for a limited easing of sanctions that have battered its economy.

Under the six-month deal, Iran has agreed to halt its 20% enrichment program, which produces uranium just steps away from military grade, but will continue enrichment up to 5%.

It also will convert half of its stockpile of 20% enriched uranium to oxide, and dilute the remaining half to 5%.


In return, the US and the EU simultaneously announced the lifting of sanctions on petrochemical products, insurance, gold and other precious metals, passenger plane parts and services.

They also plan to release $4.2 billion (CHF3.8 billion) Iranian assets of oil revenues blocked overseas, in eight installments over a period of six months. The first installment of $550 million will be provided to Iran on February 1st, according to US administration officials.

Iran and the six-nation group – the five permanent members of the UN Security Council plus Germany – are expected to start talks for a comprehensive, permanent deal next month in New York, Iran's state television reported Monday.

All other international sanctions against Iran, including those by the UN Security Council on the sale and export of weapons, remain in place.



All rights reserved. The content of the website by swissinfo.ch is copyrighted. It is intended for private use only. Any other use of the website content beyond the use stipulated above, particularly the distribution, modification, transmission, storage and copying requires prior written consent of swissinfo.ch. Should you be interested in any such use of the website content, please contact us via contact@swissinfo.ch.

As regards the use for private purposes, it is only permitted to use a hyperlink to specific content, and to place it on your own website or a website of third parties. The swissinfo.ch website content may only be embedded in an ad-free environment without any modifications. Specifically applying to all software, folders, data and their content provided for download by the swissinfo.ch website, a basic, non-exclusive and non-transferable license is granted that is restricted to the one-time downloading and saving of said data on private devices. All other rights remain the property of swissinfo.ch. In particular, any sale or commercial use of these data is prohibited.