Friday, October 07, 2022

“This has happened in many cases”

Zug confirms departure due to Russia sanctions

“This has happened in many cases”

Zug’s finance director Heinz Tanler criticizes the “anticipated obedience” to the United States and the European Union. and demands a separate sanctions policy from the Federal Council.

Mr. Tanler, you criticize sanctions against Russia. Why?
Heinz Tanler: In the canton of Zug, we have various cases of institutions or companies that are not directly on the sanctions list, but belong to an approved person and ask us for help because they want to continue working but are blocked. I sometimes see clumsiness, to put it mildly, in the implementation of restrictions. We first report this to Seco, thereby starting a lengthy process. By the time a decision is made after three or four weeks, a company may already be hanging on the ropes. And when Seco eventually issues a declaration of no-objection, which is often the case, banks usually don’t go along with it, out of advance obedience to the United States and the European Union.

So those affected are less likely?
Ultimately it means: I can’t pay, I have to reorganize and say goodbye to Switzerland.

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