Russian President Vladimir Putin wants Russian gas to be paid for in rubles. But major energy companies based in Switzerland aren’t having any of it.
«Swiss commodity traders will continue to pay for Russian oil and gas in euros or dollars, » Florence Schurch, secretary-general of the Swiss Trading and Shipping Association (STSA), told this weekend's «SonntagsBlick» (behind paywall, in German).
The association represents Swiss commodity traders, shipping companies and merchant banks, including Vitol, Cargill International, Mercuria and Gunvor.
Majority of Russian Trading
«If the Russian side insists on ruble payments, this would have to be stipulated in new contracts,» Schurch said, adding that no such supply contracts with Russian oil and gas traders are currently planned by Swiss trading companies».
While Switzerland is significantly less dependent on Russian oil and gas than other countries, around 80 percent of Russian commodity trading takes place through Geneva, Zug, Lugano and Zurich, according to a November 2021 report by the Swiss Embassy in Moscow,
