ZURICH: Economics Minister Johann Schneider-Ammann hopes sanctions against Russia will soon come to an end because they affect Switzerland’s exports.
According to details, the economic sanctions were imposed by the European Union and the United States after Russia’s annexation of Ukraine’s Crimea region in 2014. In December 2016, the EU extended these sanctions for a further six months.
Schneider-Ammann said the sanctions had shut many Swiss companies out of the Russia market “overnight”. The machine and watch sectors had lost 5-10% of their turnover, threatening jobs, he added.
Speaking from the World Economic Forum’s annual meeting in Davos, Schneider-Ammann did not dispute that a “signal” was needed after Russia’s behaviour in Ukraine, which went against international law – even if the sanctions were considered controversial by some at the time. “The fact is, that the political system remains untouched,” he said.
Therefore it would be necessary, in his view, “that top politicians from the countries involved sit down and think about how to get out of this one-way street”.
Both sides need to take a step towards each other, he said.
