Seco chief Budliger wants to control commodity trading more closely

This content was published on Mar 04, 2023 – 13:03
March 04, 2023 – 13:03

(SDA Keystone)

Switzerland is trying to get a better overview of the commodity trade in this country. In general, according to the head of Seco Helene Budliger Artieda, EU sanctions against Russia were implemented quickly and well.

In some cases, trade with Russia is not included separately in customs statistics, the state minister for economic affairs told Swiss radio station SRF’s “Saturday Review”. The State Secretary of Economic Affairs (Seco) is trying to get a better overview of commodity trading. An external study was performed. Figures were missing, for example on the number of jobs and the tax base in the raw materials sector.

Within the federal administration, they also want to actively develop better statistics at the federal level across the raw materials platform. Budliger noted that not all commodity traders traded exclusively or predominantly with Russia. Commodity traders have also “reliably” confirmed to Seco that they have now closed their business with Russia.

In implementing the complex sanctions package, Seco also relies on other administrative bodies in the federal administration, in the cantons and in banks. “Violations of the sanctions will be pursued and reported by us or by the cantons,” said the Seco chief.

When it comes to checks for compliance with sanctions, they work hand in hand with the customs administration, because Seco is neither the police nor the public prosecutor’s office and Switzerland does not have its own sanctioning authority.

“We have to rely on companies active in Switzerland to comply with Swiss law,” says Bodliger. European neighbors and the United States have given Switzerland good marks for implementing sanctions.