The Swiss Government, in a statement issued today (17 January 2016), has welcomed the implementation of the JCPOA and congratulated the E3/EU+3 (China, Russia, USA, Germany, France and the UK) and Iran on the successful implementation of the plan reached on 14 July 2015. As announced on 21 October 2015, Swiss sanctions against Iran will be lifted at the same time as those of the UN and the EU. To make this possible, the Federal Council completely overhauled the Ordinance on Measures against the Islamic Republic of Iran. The new ordinance came into force at noon today. The Federal Council is confident that the implementation of the nuclear agreement and the lifting of international sanctions will enable political and economic exchanges with Iran to be intensified. On 21 October 2015, the Federal Council took a decision on the future lifting of Swiss sanctions against Iran and commissioned the competent federal department to prepare the necessary changes to the relevant legislation. At its meeting on 11 November 2015, the Federal Council decided to conduct a total revision of the Ordinance on Measures against the Islamic Republic of Iran. The remaining restrictions against Iran are based on the corresponding UN and EU measures. They concern trade and services involving arms, delivery systems and equipment which may be used for internal repression and surveillance. Trade in nuclear goods and nuclear-related dual-use goods will be subject to licensing. In addition, financial and travel restrictions remain in place for a limited number of individuals and firms. Further restrictions concern in particular technical services for Iranian cargo aircraft and the fulfilment of certain claims. Notably, the funds transfer controls have been repealed.
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.