BREAKING NEWS

Swiss govt decides against EU ban on Iranian oil

By REUTERS

JULY 5, 2012 15:47

GENEVA - The Swiss government said on Thursday it would widen sanctions against Iran but would not implement a European Union ban on trading Iranian oil because of "foreign policy reasons."

An EU ban on the importation, purchase or shipping of Iranian oil was rolled out on 1 July in an effort to pressure the Islamic Republic over its disputed nuclear program.

The new Swiss sanctions, which come into force on Friday, will affect supplies for the petrochemical industry, telecommunications equipment as well as the purchase and sale of precious metals and diamonds, the non-EU country said in a statement.

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