"As announced on 21 October 2015, Swiss sanctions against Iran will be lifted at the same time as those of the UN and the EU," the Federal Council said.
The European Union and the United Nations have terminated sanctions targeting Iran after global nuclear watchdog IAEA verified late on Saturday Tehran’s compliance with a nuclear agreement reached last July.
The US Treasury Department lifted sanctions on third countries doing business with Iran, while maintaining sanctions outside the Joint Comprehensive Plan of Action (JCPOA).
"Switzerland has always supported the process to negotiate and implement the agreement. The Federal Council is confident that implementation of the nuclear agreement and the lifting of international sanctions will enable political and economic exchanges with Iran to be intensified," the Swiss Federal Council said.
Switzerland maintains restrictions on arms trade with Iran, financial and travel restrictions for certain individuals and entities, as well as technical services for Iranian cargo aircraft, the council specified.
Iran is expected to unlock up to $100 billion in frozen assets after the historic milestone was reached this weekend.
