Switzerland has extended its financial sanctions against 11 Iranian nationals and companies but has opted not to ban trade in oil and petroleum products for now.

The government decided to freeze the funds and assets of three more individuals and eight companies bringing the total number of Iranian companies and organisations targeted to 367, along with 116 individuals.

“The move brings Switzerland largely in line with the restrictive measures adopted by the EU [European Union] on January 23,” the Swiss finance ministry said on Wednesday.

However, unlike the EU Switzerland has opted not to impose sanctions on the Central Bank of Iran because of its importance to the economy of the country.

In response to Iran’s controversial nuclear programme, the EU decided in January to tighten its sanctions against Iran in a range of areas.

An EU ban on the import, purchase or shipping of Iranian crude oil, petroleum products or petrochemical products has been in place since March 24.

The Swiss cabinet will decide “at a later date whether or not to adopt these further restrictive measures”, the finance ministry statement said.  

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