Unlike the European Union, Switzerland has abstained from sanctioning two Chinese banks allegedly involved in helping Russia circumvent EU sanctions.
The Swiss Federal Council explained that there was no evidence of business relations between Swiss companies and the targeted Chinese banks, making a ban on transactions unnecessary. However, reports indicate that ongoing negotiations to update the free trade agreement with China also influenced Switzerland’s decision to abstain.
- The Federal Department of Economic Affairs (EAER) initially recommended approving the entire 18th package of EU sanctions.
- The Federal Department of Foreign Affairs (FDFA) warned of potential consequences for relations with Beijing.
- Ultimately, the Federal Council rejected EAER’s proposal.
Political reactions:
- SP National Councilor Fabian Molina criticized the government for prioritizing economic ties with China over Swiss interests.
- FDP foreign policy expert Hans-Peter Portmann called the decision correct.
