Switzerland has increased its sanctions on Iran, toughing its stance in line with other major trading partners and the United Nations.
As of Thursday, Switzerland can no longer export military equipment to Iran or goods that could be used for internal social repression. Further sanctions are in place for materials that could be used for nuclear proliferation, according to a decision by the Swiss cabinet on Wednesday.
The funding of certain goods used by oil and gas industries will also be restricted. A three-pronged clampdown on transactions will include the need for approval when transferring funds over a certain amount, restrictions on granting insurance and reinsurance and more diligence in certain banking relationships with Iran.
Switzerland has also extended its list of individuals and companies whose assets have been frozen.
Swiss Economics Minister Johann Schneider-Ammann noted that the new measures could complicate Switzerland’s good offices policy with Iran.
With the European Union’s adoption of tighter restrictions in October, Switzerland’s less strict laws on the issue put it at risk of being used as a way for Iran to get goods that it would otherwise not be able to get from other countries.
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