The Swiss government Thursday announced a decision to tighten sanctions against Iran, but stopped short of a ban on transactions involving oil and oil products from the Islamic Republic for "foreign policy reasons."
The Swiss government Thursday announced a decision to tighten sanctions
against
Iran
, but
stopped short of a ban on transactions involving oil and oil products from the
Islamic Republic for "foreign policy reasons."
The new sanctions, which are set to come into effect on July 6, place a ban on
supplying
Iran
with
telecommunications equipment and in providing its oil industry with finance or
equipment, as well as trading precious metals and diamonds with the country's
authorities.
In addition any trade in Iranian oil or oil products will need to be declared
to the State Secretariat for Economic Affairs, or SECO.
The European Union implemented a full embargo on Iranian oil on July 1.
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