Share

Estonia takes aim at Swiss over sanctions

Zurich - Switzerland is acting in its own self interest by not imposing its own sanctions against Russia over Ukraine and gaining an advantage for its banking sector, Estonia's president said an interview with a Swiss newspaper published on Sunday.

Last week, Switzerland extended measures to ensure it does not serve as a route to bypass European Union sanctions, but has decided against imposing its own sanctions to punish Russia for annexing Ukraine's Crimea peninsula or its support for rebels in eastern Ukraine.

The country, current chair of the Organisation for Cooperation and Security in Europe, has cited a need to stay neutral so as not to endanger its role as mediator between the two sides in the conflict.

But critics say Switzerland, a popular destination for many rich Russians and a centre for their banking and trading activities, is more interested in preserving its role as a global commodities hub that earns revenue from trade with Russia.

"Switzerland must live with the criticism that they have only dispensed with their own sanctions to gain an advantage for its banking sector," Estonia's President Toomas Hendrik Ilves said in an interview with the SonntagsZeitung paper.

As a non-EU member, Switzerland is under no obligation to impose the full sanctions package, although some of the EU measures will apply in Switzerland because it is a member of the 28-nation bloc's passport-free Schengen travel zone.

Hendrik Ilves did not say whether EU-member Estonia, which borders Russia, or the wider bloc were planning to increase pressure on Switzerland to act.

Switzerland's government will hold its first cabinet meeting following a summer break on Wednesday and is expected to deliberate on measures against Russia, although some politicians have said it should stick to its current policy.

Around 75% of Russian crude oil exports are traded through Geneva, according to the Swiss government, and Russian assets in Swiss banks stood at nearly $15.2bn in 2012, according to the Swiss National Bank.

Germany's Foreign Ministry said at the end of July it wanted wider cooperation to pressure Russia for its support of separatists in Ukraine, adding that it had been in talks with non-EU countries such as Switzerland and Turkey.

Hendrik Ilves said other countries who say they are neutral, such as Sweden and Ireland, have supported the sanctions: "The concept of neutrality is for me as empty today as ever before," he said. Both Sweden and Ireland are members of the EU.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.89
+0.2%
Rand - Pound
23.87
+0.1%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.12
+0.1%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders