Switzerland officially lifted its sanctions against Iran. PHOTO: Princeton University.

JNS.org – The government of Switzerland became the first country to officially lift its sanctions against Iran in the wake of last month’s nuclear deal.

The decision, which takes effect Thursday, will remove a ban on precious metal transitions with Iranian state bodies, as well as requirements to report the trade and transport of Iranian petrochemical products, crude oil, and petroleum, a Swiss government statement said.

Switzerland is home to large oil trading companies such as Vitol Group, Glencore, and Trafigura Beheer BV. Ever since the U.S. and Iran broke off diplomatic relations following the 1979 Iranian Revolution, Switzerland has been functioning as a mediator between the two nations.

“This agreement opens up new political and economic prospects with Iran, including bilateral relations,” and emphasizes Switzerland’s “support for the ongoing process to implement the nuclear agreement, and its confidence in the constructive intentions of the negotiating parties,” the Swiss government said.