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.
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
Switzerland announces candidacy to chair OSCE in 2026
This content was published on
Switzerland is officially in the running to chair the Organisation for Security and Cooperation in Europe (OSCE) in 2026, the foreign ministry announced on Thursday.
Switzerland assumes protecting power mandate for Ecuador in Venezuela
This content was published on
At Quito's request, Switzerland will represent Ecuador's interests in Venezuela, the Swiss foreign ministry announced on Thursday.
Swiss researchers find security flaws in AI models
This content was published on
Artificial intelligence (AI) models can be manipulated despite existing safeguards. With targeted attacks, scientists in Lausanne have been able to trick these systems into generating dangerous or ethically dubious content.
Two Swiss nationals indicted for supporting Islamic State
This content was published on
The Office of the Attorney General of Switzerland has filed charges against two Swiss nationals, aged 22 and 28, who are accused of supporting the banned terrorist group Islamic State.
This content was published on
The Swiss parliament has finalised the 2025 federal budget, with the army receiving more money at the expense of foreign aid.
Switzerland expresses sympathy after earthquake hits South Pacific
This content was published on
"Our thoughts are with the people of Vanuatu who are struggling with the consequences of this devastating earthquake," the Swiss embassy in Australia said.
This content was published on
The Swiss agricultural sector is to benefit from greater federal support between 2026 and 2029, after a vote by the House of Representatives on Wednesday.
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.