Switzerland’s president warns that the conflict in Ukraine will have long-term consequences on the Swiss economy. Ignazio Cassis, who also serves as foreign minister, once again defended the sanctions against Russia saying that Switzerland is ready to pay the price for the defense of freedom.
This content was published on
2 minutes
Keystone-SDA/ds
Русский
ru
Президент Швейцарии оценил экономические последствия войны в Украине
In an article published Saturday in the newspapers Schweiz am Wochenende and Le Temps, Cassis outlined three “probable consequences” of the conflict on the economic level.
First, Switzerland’s dependence on Russian gas and other raw materials weighs heavily from a geopolitical point of view and this will have an impact on Alpine nation’s economy, Cassis noted. Secondly, the Swiss will have to deal with “significant and lasting inflation and increases in energy prices”. Finally, the franc will remain a refuge currency, which will penalise exports.
Its “impossible to predict for how long and to what extent” Switzerland will be affected or which sectors will suffer the most, the Swiss president wrote.
“There is no solution that will magically protect Switzerland from the consequences of the current situation,” added Cassis. However, there are no indications of a real economic crisis “for the moment”.
“On February 24, the face of the world has changed, and not for the better,” he wrote in reference to Russia’s invasion of Ukraine. “We must defend freedom and democracy courageously and relentlessly. This comes at a price. A price that Switzerland is ready to pay.”
He adds that “this war is driven by a devastating madness that shatters all the principles and values of our civilization.” This is the reason why the Swiss government adopted the European Union’s sanctions against Russia in their entirety. However, this decision does not call into question the country’s neutrality, Cassis stressed. He noted that Switzerland does not support any belligerent militarily, neither by providing troops nor by sending weapons.
Popular Stories
More
Culture
Documentary portrays Swiss teenagers forced to return to parents’ homeland
Swiss cantons have killed 39 wolves so far this autumn
This content was published on
In mid-November, 35 packs of three or more wolves were detected in Switzerland. At least eight of them may be eliminated during the current hunting season. So far, at least 39 wolves have been shot in Graubünden, Valais, Vaud and St. Gallen.
This content was published on
Pierre-Yves Maillard, president of the Swiss Trade Union Confederation, sees no agreement in sight in negotiations with the European Union.
This content was published on
The "Dubai chocolate" has also caused a rush in Switzerland: queues formed outside the Lindt chocolate factory in Kilchberg, canton Zurich, on Saturday morning.
This content was published on
Stargazers currently have the chance to spot shooting stars in the night sky. Until November 30, the Leonid meteor shower is lighting up the darkness.
Nationalisation suggested to save Red Cross Museum
This content was published on
The director of the International Red Cross and Red Crescent Museum in Geneva is calling for a national debate on the institution's future.
Climate: 224 Swiss companies announce CO2 reduction targets
This content was published on
A total of 224 companies from Switzerland have joined the Science Based Targets initiative (SBTi), committing to CO2 reduction targets that are in line with the Paris Climate Agreement.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.