ZURICH, March 6 — Switzerland’s newly adopted tough stance on Russia has forced the Swiss economy to readjust to sanctions, blowing a wind of panic through the raw materials market in particular. Switzerland announced Monday it would follow the sanctions being imposed by the European Union,...
ZURICH, March 6 — Switzerland’s newly adopted tough stance on Russia has forced the Swiss economy to readjust to sanctions, blowing a wind of panic through the raw materials market in particular.
“The implementation of these sanctions is compatible with Switzerland’s neutrality,” the government insisted in a statement. Global container shipping company MSC and freight logistics firm Kuehne + Nagel have stopped taking Russian orders for cargo, except for food, medical and humanitarian goods. However, the landlocked state is an important player in raw materials trading, through companies such as Glencore, Trafigura, Vitol and Gunvor.
In employment terms, energy, grains, metals and minerals trading represents some 10,000 direct and 35,000 indirect jobs. The bankruptcy has caused panic in the sector. Trading giant Glencore has announced it is reviewing its business in Russia while Trafigura is revisiting its stake in Vostok Oil — Rosneft’s major oil project in Siberia.Swiss banks are a popular place for wealthy Russians to stash their money. According to the Bank for International Settlements, Swiss banks’ liabilities to Russian customers amounted to US$23 billion in the third quarter of 2021.
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