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July 6, 2012 / 12:16 PM

Switzerland ramps up Iranian sanctions

An Iranian woman passes by the currency exchange office in Tehran, Iran on June 24, 2012. Sanctions against Iran are one of the main causes of the increase in the price of foreign currency. UPI/Maryam Rahmanian

An Iranian woman passes by the currency exchange office in Tehran, Iran on June 24, 2012. Sanctions against Iran are one of the main causes of the increase in the price of foreign currency. UPI/Maryam Rahmanian | License Photo

BERNE, Switzerland, July 6 (UPI) -- The Swiss Federal Council is tightening sanctions against Iran in accordance with restrictive EU measures.

The Swiss Ministry of Economics said in a release the new restrictions entered into force Friday, the KUNA news agency reported Thursday.

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The Federal Council July 4 decision bans Swiss companies from supplying equipment to Iran's petrochemical industry.

The Swiss restrictions include financing such projects along with the sale of precious metals and diamonds offered by Iran.

In addition, the new Swiss legislation includes financial restrictions against 78 Iranians accused of serious human rights violations.

The EU on July 1 banned the import, sale and shipment of Iranian crude oil and petroleum products along with related financial and insurance transactions.

Switzerland has not imported Iranian crude oil since 2006.

The Swiss Federal Council is considering additional sanctions in line with U.N. Security Council mandates dating back to 2007.

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