Swiss Federal Council lifts Switzerland’s sanctions against Iran

The Swiss Federal Council reserved the right to reverse its decision

The Swiss Federal Council officially lifted Switzerland’s sanctions against Iran Wednesday in the wake of a landmark nuclear deal.

“The Federal Council wishes today’s steps to be seen as a sign of its support for the implementation of the nuclear agreement and its interest in deepening bilateral relations with Iran,” the Council said in astatement.

In July, Iran agreed to restrictions on its nuclear program in exchange for the lifting of crippling economic sanctions in a deal negotiated by the U.S., China, Russia, France, Germany and the United Kingdom. The deal still awaits approval in some places and implementation. The Federal Council said it “reserves the right to reintroduce the lifted measures” if the the implementation of the international agreement fails.

While the U.S. and many of its partners have drawn a hard line on Iran, Switzerland has sought an open dialogue. The sanctions had been suspended since January 2014, and the Swiss Federal Council said it had developed a credible partnership with Iran.

The lifting of sanctions takes effect Thursday.