The suspended measures include a ban on precious metal transactions, reporting requirements for the trade and transport of Iranian oil, as well as insurance and reinsurance policies for such transactions.

The suspended sanctions also cover financial sector: The threshold for money transfers to and from Iranian nationals were increased tenfold, in terms of reporting obligations.

The cabinet said its decision that will be effective from Thursday was in “support for the ongoing process to implement the nuclear agreement, and its confidence in the constructive intentions of the negotiating parties.”

The Swiss cabinet has also said that it will “monitor implementation of the JCPOA and adapt Swiss measures accordingly” but warned that it “reserves the right to reintroduce the lifted measures” if the implementation of the agreement fails.

On July 14, Iran and the Group 5+1 (Russia, China, US, Britain, France, and Germany) finalized the text of a lasting nuclear deal, dubbed as Joint Comprehensive Plan of Action (JCPOA), that would terminate all anti-Iran sanctions after taking effect.

The United Nations Security Council also unanimously passed a resolution afterwards, endorsing the comprehensive accord.