Earlier this month, Switzerland sent a strong international message by becoming the first county to lift sanctions on Iran. This comes as a result of the Iran nuclear deal announced in July 2015, although Switzerland was not directly involved with the deal itself. The United States is set to follow suit sometime in mid-to-late 2016, or possibly even later.
The decision was made by the Swiss Federal Council, which consists of seven people and is considered to be the governing body of Switzerland. There are several results of this ban being lifted, the first of which allows for the transaction of precious metals. Additionally, entities no longer have to report the transportation of Iranian crude oil, petroleum products and petrochemical products to the Swiss government. Finally, monetary transfer thresholds from Iranian nationals were increased tenfold as a result of these sanctions being lifted.