Sanctions against Russia: Switzerland chooses a middle way, as after the 2014 Crimean crisis

What role will the Swiss Confederation play in the Russian-Ukrainian conflict? Switzerland decided on Thursday February 24 not to align itself with Western sanctions against Russia, but will take the necessary measures to avoid being used as a base for circumvention by Moscow.

“For reasons of neutrality”, Switzerland, after the annexation of Crimea in 2014, had not directly taken over the sanctions imposed at the time by the European Union against Russia, recalled the Swiss President, Ignazio Cassis, during of a press conference. The Federal Council (the equivalent of the government), on the other hand, had “issued an order to prevent circumvention of EU sanctions via Switzerland”he said, after an extraordinary meeting.

>> Threats to Kiev, capture of Chernobyl… Follow the evolution of Russian forces in Ukraine in our live

Switzerland had thus established a list of Russian persons and companies with which financial intermediaries are not authorized to establish new business relations. If these relationships already existed, they were subject to authorisation.

The importance of Switzerland in the Russian economy

It is this middle way that the Federal Council has decided to pursue, after the Russian invasion of Ukraine. Who says neutrality “does not mean indifference”underlined the Swiss president, to journalists. “EU sanctions adopted must be incorporated into this order as measures to prevent circumvention”he said. “Certain measures will be strengthened, particularly in the financial field”he added.

The decision taken by Switzerland is important because of the role played by the Swiss financial center in Europe. Oil, grain and Russian metals made the fortune of Swiss trading. Thus, the majority of Russian oil is traded in Geneva and the company managing the Nord Stream 2 gas pipeline (on which Germany has just suspended work) also has its headquarters in Switzerland, in Zug.

Read Also:  9-Year-Old Argentine Motorcyclist Dies in Training in Brazil

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here