The conflict in Ukraine “changes the business cards” in Switzerland

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In the world of Swiss freight, the war in Ukraine, the closure of traffic in the Sea of ​​Azov and the impending embargo are causing 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 on the front line. Switzerland is a bastion of Russian and Ukrainian raw materials, with the Federation claiming that 80% of Russian hydrocarbons are traded there.

“I don’t know if 80% of Russian oil is traded in Switzerland, but it is true that the volume there is very large,” said Florence Schurz, secretary general 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 the sanctions in Russia. Gunvor manages Russian oil and gas and has stakes in energy companies in both countries, including Zug-based Glencore and Russian state-owned Rosneft. 49% of Vittera, a Dutch agricultural group operating in the northern Black Sea, is owned by Glencore. Trophigura and Vittol hold shares in the Rosneft oil project in the Arctic. Kafko International and LTC are more prevalent in Ukraine. Most of those companies declined to comment.

Big impact in Geneva

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

According to Paul Curie, cereal expert at 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 the place of Geneva. According to him, the department can no longer work with licensed companies and must find new partners. Romania or Bulgaria can fill some gaps. “The sanctions have been in place for a long time. None of the people who had been dating since the annexation of Crimea have been removed to date,” said Paul Querrey.

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“I am not in a position to tell you if an Egyptian should worry about having his plate,” notes Emmanuel Lemoine, general manager of BIC-BRED. Ukraine and Russia, two cereal heavyweights, generally export a negligible share of their cereal 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 was already removed when the 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]Stay at home, near Odessa”, Cornelis Vrins, boss of Allseeds, refers to a trader from Thônex (GE) Exploited by all the other Swiss groups in Ukraine from Kargil to Colonel. Nestl நிறுவனம் closed its factories in Ukraine and advised 5,000 employees to stay at home.

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

Switzerland’s low taxation, political stability and 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 metallurgical company Norilsk Nickel, Kunvor and Lidasco came to Geneva. Yugos in 2002 told to sell A total of 3 billion dollars per year in Geneva. According to the speakers, one side of this Swiss history is changing with the Ukrainian conflict.

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