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Swiss firms told not to cut ties with Iran in spite of US sanctions

National News // By Rebecca Karmazyn // Aug. 10, 2018

The Swiss government says that it regrets the ‘deteriorating’ situation regarding sanctions imposed by the US on Iran, but is recommending that Swiss companies continue to trade with Iran on an ‘informed basis’.

pixabay Swiss firms told not to cut ties with Iran in spite of US sanctions

On Tuesday, President Donald Trump said that companies doing business with Iran will be barred from the US, as new sanctions come into effect targeting dollars, metals trading, coal, industrial software and the auto sector.

Some European companies have already ended deals in Iran, worried that they could lose business in the US if they didn’t.

Fabian Maienfisch from the State Secretariat for Economic Affairs said yesterday that ‘US decisions on sanctions do not affect the legal situation in Switzerland with regard to Iran’.

However, he says that the Swiss government recommends that companies continue to pursue business with Iran, while keeping themselves fully informed about the situation.




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