In a brief statementExternal link released on Thursday, the Oerlikon Group said it had entered into an agreement with the local management team to sell all its operations in Russia. “The business will continue to operate independently under the new owners,” said the company.
On March 4, the Swiss firm ceased all international cross-border business activities with Russia following its invasion of Ukraine. It called the sale the “final step” in ceasing all business activities within Russia.
The company employs 48 people in Russia at six sites. The cost of the transaction has not been disclosed. Last year, Oerlikon’s sales in the country amounted to less than CHF5 million ($5.2 million). Globally, the engineering and manufacturing group, which has its headquarters in Pfäffikon in canton Schwyz, employs more than 11,800 employees at 207 locations in 38 countries; it generated sales of CHF2.6 billion in 2021.
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Stay or go? The dilemma of Swiss companies in Russia
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Caught between potential damage to their image and having their businesses confiscated, Swiss firms active in Russia have a tough choice.
The announcement comes amid more scrutiny of ties between Swiss companies and Russian elites suspected of supporting Russian President Vladimir Putin. Russian billionaire Viktor Vekselberg is a minority shareholder of the Oerlikon Group as well as other industrial companies with headquarters in Switzerland.
Vekselberg and his investment group Renova were put on the US sanctions list back in 2018 following Russia’s invasion of Crimea. This forced him to reduce his personal stake in the Swiss industry to avoid exposing these firms to trade restrictions. On March 14, the US government issued a new round of sanctions that targeted a yacht and an aircraft belonging to Vekselberg.
On May 16, another Swiss industrial group, Sulzer, had to temporarily suspend the activitiesExternal link of its two legal entities in Poland due to sanctions imposed by the Polish government on Vekselberg.
Novartis back in business
Swiss pharmaceutical giant Novartis announced that it is resuming business in Ukraine after reviewing the safety situation in the country.
“After studying current safety protocols in the country, and on advice which we will regularly review, we have begun to resume business operations remotely to help the war-torn country restore some basic critical business processes,” Novartis said in a press release on June 1.
The company has condemned the war and is providing humanitarian support, financial donations and medicine to people in the country.
“The safety and security of our people remains our number one objective, and we will constantly review the situation and our business operations in Ukraine,” Novartis wrote.
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Russian oligarch Vekselberg hit with US sanctions
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US targets yacht and private jet belonging to Russian billionaire Viktor Vekselberg, who is resident in Switzerland.
Swiss authorities announce cost-cutting in asylum sector
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The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
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The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
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In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
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As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
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After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Swiss study: insects mainly migrate at midday and dusk
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A study led by the Swiss Ornithological Institute in canton Lucerne is helping to better understand the movement patterns of migratory insects.
Red Cross: 22 staff killed in Middle East since October
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The Red Cross and Red Crescent network in Gaza and Israel has lost 22 staff members since last October, the Swiss Red Cross (SRC) said on Wednesday.
Dortmund’s Kobel is first Swiss goalie in Champions League final
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Borussia Dortmund’s Gregor Kobel has achieved history by becoming the first Swiss goalkeeper to reach a Champion’s League final.
University students in Switzerland join Gaza protest wave
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Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
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.
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Stay or go? The dilemma of Swiss companies in Russia
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Caught between potential damage to their image and having their businesses confiscated, Swiss firms active in Russia have a tough choice.
The Swiss textile machinery industry has a China dilemma
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Amid allegations of forced labour in Xinjiang, the Swiss textile machinery sector faces thorny questions about its ties to and reliance on China.
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