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Blog Posted in avatar   Ken Hanly's Blog

Switzerland will buy Iranian oil in spite of EU sanctions

By Ken Hanly
Posted Jul 7, 2012 in Business
Switzerland will continue to buy Iranian oil even though there are European sanctions on such purchases that began on July 1. Despite pressure from both the EU and the US. the Swiss Federal Dept. of Economic Affairs says that Switzerland takes the view that any decision about the import, sale, or transport of Iranian crude oil should be solely by the trading partners themselves.
A spokesperson for the Swiss Foreign Ministry said that Switzerland wishes to retain good relations with Iran. Switzerland also exempted the Iranian Central Bank from the asset freeze that is also part of the EU sanctions.
The U.S. ambassador to Switzerland said he was disappointed by the Swiss refusal to abide by the EU sanctions that were supported by the U.S. Somewhat ironically the Swiss embassy in Tehran hosts the U.S. Interests Section in the country and has done so since 1979.