Switzerland to 'Lift' Sanctions on Iran on Thursday

The Swiss government announced that following the nuclear agreement between Tehran and global powers, it will officially lift sanctions against Iran starting Thursday, August 13. Reuters reported on Wednesday that the Swiss government's statement emphasized the country's support for the comprehensive nuclear agreement. Part of the statement reads: "The Federal Council (Swiss government) hopes that its actions today will be seen as support for the implementation of the nuclear agreement and its eagerness to deepen bilateral relations with Iran." Since winter 2013, following the interim Geneva agreement between Iran and the P5+1 group, Switzerland had suspended some of Iran's sanctions, including those related to the trade of precious metals and petrochemical products. However, it is now the comprehensive nuclear agreement in Vienna that facilitates the lifting of these sanctions. Nevertheless, Switzerland has warned against violations of the comprehensive agreement and emphasized that it will monitor the implementation of this agreement. The Swiss government statement says: "The Federal Council reserves the right to reinstate the lifted sanctions in case of non-implementation of the agreement." The statement also mentions that Switzerland intends to pass a new exemption clause that will allow it to enforce United Nations Security Council resolutions regarding Iran. The recent UN Security Council resolution mandates that all sanctions related to Iran's nuclear program from 2006 onwards will be gradually lifted from the day of the implementation of the nuclear agreement, provided that the parties fulfill their commitments and the International Atomic Energy Agency also verifies Iran's actions. Ultimately, the Swiss government statement indicates that the country seeks extensive economic and political exchanges with Iran.