Swiss agree to extend some sanctions on Iran until mid December

ZURICH Wed Aug 13, 2014 10:39am EDT

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ZURICH (Reuters) - Switzerland said on Wednesday it would maintain a suspension of sanctions against Iran on trade in precious metals and in petrochemical products until Dec. 12, in light of an agreement between world powers and Teheran to extend negotiations.

In a statement, Switzerland's cabinet said it was following the lead of the European Union, which agreed on July 21 to maintain a suspension of sanctions until Nov. 24.

The Swiss originally lifted a ban on precious metal trade with Iranian public bodies in January. It has also eased restrictions on trade in petrochemical products, transport of Iranian oil or petroleum products, and the provision of insurance for shipments. Ceilings for transfers of funds to Iranians have been raised tenfold.

Iran and six world powers agreed in July to a four-month extension of negotiations on a long-term nuclear deal that would gradually end sanctions on Tehran in exchange for curbs on its nuclear program. [ID:nL6N0PT5U3]

(Reporting by Caroline Copley)

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