US Treasury discusses sanctions with Swiss commodity stakeholders
A container ship awaits the unloading of its cargo after berthing at a port in Pacific port-city Vladivostok, Russia, 05 September 2022.
Keystone / Yuri Kochetkov
The discussions on sanctions against Russia touched on technical aspects, as part of the multi-stage exchanges that the US Treasury Department is conducting with its trading partners in several European countries.
This content was published on
2 minutes
Keystone-SDA/ac
Español
es
El Tesoro de EE.UU. aborda las sanciones con las partes interesadas suizas en las materias primas
The meeting described as “useful for all parties” took place in Geneva on Monday between the Swiss commodities trading sector, representatives of the US Treasury and the State Secretariat for Economic Affairs (SECO).
It was a working meeting which focused on commodities trading and energy supplies for Europe over the next 18 months. The US embassy in Bern was also represented. The meeting took place against a backdrop of US criticism of Swiss implementation of sanctions against Russia.
The aim is to assess the situation on the commodities market in relation to energy supply and overall security of supply. The impact of sanctions against Russia on the commodities trading sector was also discussed.
The future of trading, oil price caps and food security were also discussed. The Swiss commodities sector was represented by Suissenégoce that represents the interests of trading companies, as well as transporters, banks, insurance companies and specialist service providers.
Switzerland is a key global platform for commodities trading. The sector contributes 4% of Switzerland’s GDP and employs 35,000 people, according to Suissenégoce.
In May the government stated that the war in Ukraine had profoundly disrupted commodities trading in the energy and food sectors. Swiss traders have been affected by the international sanctions imposed as a result of the war.
Most Read Swiss Abroad
More
The citizenship obstacle course facing spouses of Swiss Abroad
This content was published on
The Ethos Foundation recommends that shareholders vote against all compensation-related items at the Annual General Meeting on March 7.
Top Swiss firms close to reaching gender quota in boards
This content was published on
The proportion of women on the boards of directors of the fifty largest listed companies in Switzerland currently stands at 28%.
Swiss committee wants to end government resignations during legislative term
This content was published on
Members of the Federal Council should no longer be able to leave office before the end of their term, according to a House of Representatives committee.
Swiss government seat: Ritter and Pfister nominated to succeed Amherd
This content was published on
Markus Ritter from St Gallen and Martin Pfister from Zug were officially nominated by the Centre Party on Friday to succeed Defence Minister Viola Amherd.
Top Swiss court rejects Russian request for administrative tax assistance
This content was published on
There is currently no reason to transmit banking information to the Russian Federation, the Swiss Federal Court has ruled.
After strike by radiologists, doctors demonstrate in Bern
This content was published on
Following a strike by radiology technicians in Fribourg, doctors, vets, dentists and chiropractors expressed their frustration on Friday outside parliament in the Swiss capital.
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.
Read more
More
Switzerland has to ‘go above and beyond’ to implement sanctions
This content was published on
The war in Ukraine should be a turning point for Switzerland to change its mindset on transparency, says financial crime expert Tom Keatinge.
US adds Swiss ‘facilitators’ and firms to Russian sanctions list
This content was published on
Three Swiss citizens and two companies have been added to the United States sanctions list for supporting Russian Oligarchs.
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.