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.

It follows reports that Russia and Iran have struck a deal to exchange Iranian oil for Russian goods.

This Swiss move comes just hours after President Barack Obama warned US lawmakers that he would veto any new economic sanctions that Congress tries to impose against Iran during international negotiations to limit the Islamic republic’s nuclear program.

He said: “Let me be clear: if this Congress sends me a new sanctions bill now that threatens to derail these talks, I will veto it. For the sake of our national security, we must give diplomacy a chance to succeed.

“If Iran’s leaders do not seize this opportunity, then I will be the first to call for more sanctions, and stand ready to exercise all options to make sure Iran does not build a nuclear weapon. But if Iran’s leaders do seize the chance, then Iran could take an important step to rejoin the community of nations, and we will have resolved one of the leading security challenges of our time without the risks of war.”