On 21 October 2015 the Federal Council of Switzerland announced that it would also ease its sanctions measures on Implementation Day, in line with the UN and the EU. The Federal Council declared that it welcomed the formal adoption of the JCPOA on 18 October 2015 and the publication of EU and US legislation needed to lift nuclear-related economic and financial sanctions against Iran, noting that this further easing of sanctions would open new prospects for cooperation with Iran. For its part, the Swiss Federal Department of Economic Affairs, Education and Research (“EAER”) was instructed to prepare the necessary modifications to the Ordonnance on Measures Against the Islamic Republic of Iran (RS 9220.127.116.11). Swiss sanctions currently in place against Iran will remain in place until Implementation Day. The announcement from the Swiss Confederation can be found here (available in German, French, and Italian).
Philippe Reich is the head of Baker & McKenzie's Antitrust and Trade Law Practice Group in Switzerland and a member of the European Competition Law and transactional practice groups. He is a member of the EMEA Steering Committee of the International Trade and Commerce Practice Group and of the Global Steering Committee for the Firm's India Practice. He is also the Chairman of the Swiss Indian Chamber of Commerce and forms the Indian Desk in Switzerland. Mr. Reich regularly publishes articles on Swiss antitrust and trade laws and the Swiss-EU as well as Swiss-Indian bilateral relations.