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Switzerland Rejects Western Sanctions against Iran TEHRAN (FNA)- The Swiss Foreign Ministry dismissed the US-led West's oil and financial embargos against Iran, and announced that the Central Bank of Iran can continue business activities in Switzerland. Iran's central bank, under siege from the US and European Union, which froze its assets in January, can keep doing business in Switzerland because of its systemic importance to the Persian Gulf nation's economy, said a spokesman for the Swiss Federal Department of Foreign Affairs. Switzerland will also leave the door open to Iranian oil imports, the spokesman, Rudolf Christen, said according to Bloomberg. "The Swiss decision now to allow transactions by the Iranian Central Bank undermines the US-driven financial sanctions," Hague-based Heinrich Matthee, who advises governments and companies on risks in the Strait of Hormuz, said by telephone. "Swiss-based actors will benefit from the decision." World powers ended a 15-month stalemate last week with Iran when they met over the country's atomic program in Istanbul. China, France, Germany, Russia, the UK and the US are scheduled to meet Iran again on May 23 in Baghdad. European nations are set to boycott Iranian oil starting July 1 to pressure the country give up its civilian nuclear rights Switzerland's decision is important for Iran because it "allows space in the financial system for the payment of transactions," Matthee said.