Swiss president spells out economic consequences of Ukraine conflict
Switzerland’s president warns that the conflict in Ukraine will have long-term consequences on the Swiss economy. Ignazio Cassis, who also serves as foreign minister, once again defended the sanctions against Russia saying that Switzerland is ready to pay the price for the defense of freedom.
This content was published on
2 minutes
Keystone-SDA/ds
Русский
ru
Президент Швейцарии оценил экономические последствия войны в Украине
In an article published Saturday in the newspapers Schweiz am Wochenende and Le Temps, Cassis outlined three “probable consequences” of the conflict on the economic level.
First, Switzerland’s dependence on Russian gas and other raw materials weighs heavily from a geopolitical point of view and this will have an impact on Alpine nation’s economy, Cassis noted. Secondly, the Swiss will have to deal with “significant and lasting inflation and increases in energy prices”. Finally, the franc will remain a refuge currency, which will penalise exports.
Its “impossible to predict for how long and to what extent” Switzerland will be affected or which sectors will suffer the most, the Swiss president wrote.
“There is no solution that will magically protect Switzerland from the consequences of the current situation,” added Cassis. However, there are no indications of a real economic crisis “for the moment”.
“On February 24, the face of the world has changed, and not for the better,” he wrote in reference to Russia’s invasion of Ukraine. “We must defend freedom and democracy courageously and relentlessly. This comes at a price. A price that Switzerland is ready to pay.”
He adds that “this war is driven by a devastating madness that shatters all the principles and values of our civilization.” This is the reason why the Swiss government adopted the European Union’s sanctions against Russia in their entirety. However, this decision does not call into question the country’s neutrality, Cassis stressed. He noted that Switzerland does not support any belligerent militarily, neither by providing troops nor by sending weapons.
Switzerland to introduce flight passenger database
This content was published on
Switzerland plans to introduce a flight passenger database to collect and process personal data in a bid to combat terrorism and serious crime.
Government plans to invest over CHF16bn in Swiss rail network
This content was published on
The federal government intends to invest CHF16.4 billion ($18.1 billion) in railway infrastructure between 2025 and 2028, CHF2 billion more than for the current period.
Swiss to vote on pension reform and biodiversity in September
This content was published on
Swiss citizens will vote on occupational pension schemes and a biodiversity initiative on September 22, the Federal Council announced on Wednesday.
Ukraine peace talks: 50 countries have confirmed participation
This content was published on
To date, 50 countries out 160 invited delegations have confirmed they will attend the Ukraine peace conference, held in central Switzerland in mid-June, according to Swiss public radio, RTS.
Federer-backed On boosts forecast after sneaker demand rises
This content was published on
Swiss footwear company On Holding AG posted strong first-quarter revenue, boosted by demand for its running shoes and new line of training apparel.
Michael Schumacher’s watches fetch CHF4 million at Swiss auction
This content was published on
Watches belonging to Formula 1 great Michael Schumacher sold for around CHF4 million ($4.41 million) at auction house Christie's in Geneva on Tuesday.
Macron will attend Swiss summit on Ukraine, says Zelensky
This content was published on
French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.