Conflict in Ukraine “changes business cards” in Switzerland

In the Swiss freight world, the Ukraine war, the closure of traffic in the Sea of ​​Azov and the impending embargo raise serious fears. The companies we contacted have suspended their operations in Ukraine, and some are already talking about the “before and after” of the conflict. They are also at the forefront. Switzerland is a stronghold of Russian and Ukrainian raw materials, with the Federation claiming that 80% of Russian hydrocarbons are traded there.

“I do not know if 80% of Russian oil is traded in Switzerland, but it is true that the volume there is very large,” said Florence Schurz, general secretary of the Swiss Chamber of Commerce and Shipping. “For Russian and Ukrainian metals and agricultural products, the ratios are at least identical.”

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Swiss Glencore, Trophigura, Vittol Danger To see their activities affected by sanctions in Russia. Gunvor manages Russian oil and gas and holds stakes in energy companies in both countries, including Zug-based company Glencore and Russian state-owned Rosneft. 49% of Vittera, a Dutch farming group operating north of the Black Sea, is owned by Glencore. Trophigura and Vittol own shares in the Rosneft oil project in the Arctic. Kafko International and LTC are more prevalent in Ukraine. Most of these companies declined to comment.

Great impact in Geneva

The sector has been subject to sanctions since the annexation of Crimea in 2014. Rosneft Trading, the business arm of Rosneft, was dissolved and its employees laid off. Knitted By 2020, the United States will be able to export crude oil from Venezuela, a licensed country. On Wednesday According to Tamedia) Permitted by the United States.

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According to Paul Curie, a cereal expert on the Geneva Bank BIC – BRED in the Black Sea region, “knowing what the barriers will be and looking at its impact is the first step”. “The war and the impending sanctions will really affect Geneva’s place. According to him, the department can no longer work with companies under license and need to find new partners. Romania or Bulgaria may make up for some of the shortcomings. “The sanctions have been in place for a long time. None of the people who have been dating since the annexation of Crimea have been removed to date,” said Paul Querrey.

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“I’m not in a position to tell you whether an Egyptian should worry about having his plate,” notes Emmanuel Lemoine, general manager of BIC-BRED. Ukraine and Russia, two grain heavyweights, generally export a negligible portion of their grain products from the ports of Azov. In recent months, exports have mainly gone to Turkey, Egypt, Indonesia, Bangladesh and Pakistan. The FAO says most of the grain stored in Ukraine has already been withdrawn when traffic stopped.

“We told our 480 employees at our crushing plant [elle transforme des graines de tournesol, de soja ou de colza en huile ou en matière sèche, ndlr]To stay at home, near Odessa “, Cornelis Vrins, boss of Allseeds, refers to a trader in Thônex (GE) Operation by all other Swiss groups in Ukraine from Kargil to the Colonel. Nestl நிறுவனம் closed its factories in Ukraine and advised 5,000 employees to stay home.

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“Whether peace returns quickly or not, people will lose their jobs in Switzerland because sanctions risk risking business in Ukraine.

Low taxation, political stability and Switzerland’s central status have made Russia a bastion of trade in goods. In 1992, Lea Oil was selling Chechen oil from Switzerland. Then came the Yugos group, owned by billionaire Mikhail Kodarkovsky, the metal company Norilsk Nickel, Kunvor and Lidasco came to Geneva. Yugos in 2002 Said to sell A total of $ 3 billion a year in Geneva. According to speakers, one side of this Swiss history is changing with the Ukraine conflict.

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