Australia has suspended some of the sanctions imposed on Iran in 2008 because of the Iranian nuclear program.
According to Reuters, businesses will no longer need to seek approval for transactions of more than $14,400 involving entities from Iran.
But some sanctions remain in place, the Department of Foreign Affairs and Trade said in a statement. They include restrictions on the transfer of goods, the arms and ballistic missiles embargoes and sanctions against some designated persons and entities, RIA Novosti reports.
