The Swiss government has suspended its trade ban with Iran on precious metals in the wake of a nuclear deal among major powers over Iran's nuclear program.

The Federal Council, which includes the president and six other ministers, says it also is relaxing the mandatory reporting on activities such as transportation and insurance associated with sales of Iranian petroleum products.

In a statement Wednesday the Council said the threshold for declaring money transfers involving the Iranians is being increased tenfold. The suspensions are valid through Aug. 14.

The action comes after the five permanent members U.N. Security Council — Britain, China, France, Russia and the U.S. — plus Germany reached a deal in November for Iran to restrict uranium enrichment and improve transparency in exchange for lifting some sanctions.