Swiss expects limited impact by US-Iran sanctions

08 August, 2018
Source: swissinfo.ch

The re-introduction of economic sanctions against Iran by the United States is unlikely to have a major impact on Swiss businesses.

The State Secretariat for Economic Affairs (SECO) said that the legal situation remained unchanged and simply advised Swiss companies doing business in Iran to monitor the situation, according to the Swiss News Agency.

SECO said that the Swiss government will try to prevent negative consequences for Swiss business, but that possibilities to influence Washington’s sanctions policy were very limited.

Swissmem, the umbrella group of the electrical and mechanical engineering industry, said it expected no major impact as Swiss-Iran trade relations have been modest.

In 2017, Swiss exported goods and services worth CHF532 million ($534 million). Ten years before, exports amounted to about CHF800 million.

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