Switzerland is lifting some sanctions against Iran in what it calls a sign of support for the agreement between Tehran and world powers over its nuclear program.

The neutral country's governing Federal Council decided Wednesday to lift a ban on precious metals transactions with Iranian state entities and end requirements to report trade in Iranian petrochemical products and transport of Iranian crude oil, among other measures.

The sanctions already had been suspended in January 2014. The government, which also cited its "interest in deepening bilateral relations with Iran," said it reserves the right to reimpose them if implementation of the nuclear deal fails.

Other Western countries have yet to lift sanctions against Tehran, pending verification that it is complying with the nuclear deal.