Switzerland has announced the suspension of a range of sanctions against Iran starting Wednesday January 29 until August 2014 in view of the Geneva agreement between Iran and the world powers.

Reuters reports that sanctions on trade in precious metals and in petrochemical products with Iran have been suspended by Switzerland, which according to the Swiss Federal Council is following on the path of the European Union.

The EU suspended its sanctions on Iranian crude oil starting January 20 for a period of six months.

The easing of sanctions by Switzerland includes lifting restrictions on the provision of insurance for shipments of Iranian oil and petroleum products. In addition, the ceiling for transferring funds for Iranians was raised tenfold.