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Switzerland Lifts Sanctions On Iranian Oil, Precious Metals Sales

Switzerland is lifting some sanctions against Iran in what it calls a sign of support for the agreement between Tehran and world powers over its nuclear program.

The neutral country's governing Federal Council decided on August 12 to lift a ban on precious-metals transactions with Iranian state entities, and end requirements to report trade in Iranian petrochemical products and transport of Iranian crude oil, among other measures.

The sanctions already had been suspended in January 2014.

The government, which also cited its "interest in deepening bilateral relations with Iran," said it reserves the right to reimpose the sanctions if implementation of the nuclear deal fails.

Other Western countries have yet to lift sanctions against Tehran, as they await verification that Iran is complying with the nuclear accord.

The deal provides permanent sanctions relief only after the Islamic republic has taken steps to scale back its nuclear program.

Based on reporting by AP and dpa