SYDNEY - Australia followed major world powers by lifting sanctions on Iran on Wednesday, after confirmation from the United Nations that Tehran had taken steps required to curb its disputed nuclear program.
Under changes announced by the Australian government, businesses will no longer need to seek approval for transactions of more than A$20,000 ($14,436) involving entities from Iran.
While Australia has suspended some of the sanctions imposed on Iran autonomously in 2008 because of the Islamic Republic's nuclear program, some non-nuclear sanctions remain in place, the Department of Foreign Affairs and Trade (DFAT) said in a statement.
Sanctions still in force against Iran include restrictions on the transfer of proliferation sensitive goods, the arms and ballistic missiles embargoes and sanctions against some designated persons and entities.
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