Swiss suspend some sanctions on Iran until mid-August

GENEVA Wed Jan 29, 2014 3:02pm EST

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GENEVA Jan 29 (Reuters) - Switzerland said on Wednesday it had suspended sanctions against Iran on trade in precious metals and in petrochemical products until August 14, in light of a deal with world powers under which Tehran has scaled back its nuclear programme.

In a statement, the Swiss Federal Council (cabinet) said it was following the lead of the European Union, which agreed on Jan. 20 to suspend some sanctions. The United States eased some sanctions last week, pausing efforts to reduce Iranian crude exports.

The Swiss lifted a ban on precious metal trade with Iranian public bodies and eased restrictions on trade in petrochemical products, transport of Iranian oil or petroleum products, and the provision of insurance for shipments, it said. Ceilings were raised tenfold for transfers of funds to Iranians, it added.

(Reporting by Stephanie Nebehay; editing by Andrew Roche)

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