Thursday, Jul 05, 2012
By Sarah Kent
The Swiss government Thursday announced a decision to tighten sanctions against Iran, but stopped short of a ban on transactions involving oil and oil products from the Islamic Republic for "foreign policy reasons."
The new sanctions, which are set to come into effect on July 6, place a ban on supplying Iran with telecommunications equipment and in providing its oil industry with finance or equipment, as well as trading precious metals and diamonds with the country's authorities.
In addition any trade in Iranian oil or oil products will need to be declared to the State Secretariat for Economic Affairs, or SECO.
The European Union implemented a full embargo on Iranian oil on July 1.
Write to Sarah Kent at sarah.kent@dowjones.com
(END) Dow Jones Newswires
05-07-12 1332GMT
