Lifting Of Switzerland's Sanctions Regarding Iran's Nuclear Program

On 17 January 2016, the Swiss Federal Council announced that Switzerland's sanctions against the Islamic Republic of Iran are immediately and to a large extent lifted further to the successful implementation of the Joint Comprehensive Plan of Action (JCPOA) reached between the E3/EU+3 (China, France, Germany, Russia, UK and USA, with the High Representative of the European Union for Foreign Affairs and Security Policy) and Iran on 14 July 2015.

To that end, the Swiss Federal Council released a New Ordinance on Measures regarding the Islamic Republic of Iran (the "New Ordinance"), dated 11 November 2015, which came into effect on 17 January 2016 at noon.

The remaining restrictions set forth in the New Ordinance are aligned with the corresponding UN and EU measures. They relate to trade and services involving weapons carrier systems as well as equipment which may be used for internal repression or surveillance purposes. Trade in nuclear goods and nuclear-related