TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

Russia becomes a sought-after property as Switzerland and UAE take turns to woo it

Vishwas Makkar by Vishwas Makkar
June 24, 2022
in Geopolitics, Russia, West Asia
Russia becomes a sought-after property as Switzerland and UAE take turns to woo it
Share on FacebookShare on X

Western sanctions on Russia are not holding well for the global economy. Sanctions on the giant and strategic Russian commodities market have paralyzed the supply chain routes and have pushed inflation over the edge. Trade of Russian commodities like crude oil and grain is carried out by employing the services of commodity houses located in strategic and developed places with proper infrastructure. The carried out trades are then backed by interested financial institutions and are insured by agencies having the financial muscle to incur possible losses.

The central European country of Switzerland acted as a major market for Russian commodities, however, Switzerland is losing a big chunk of its Russian trade amid western sanctions. But can Switzerland afford to let go of the Russian market?

Also Read

RIC Revival: Russia looks to bring in China and India to resurrect the RIC trio

UK to go on the offensive, will initiate cyberattacks on Russia and China

European Union Facing Existential Crisis Amid Economic and Political Struggles

Read More: Russian oligarchs have flocked to the UAE and here is what it means

Switzerland Losing Importance?

“A trade between Russia and China for energy may normally have been done by a commodity house in Switzerland, with financial support from a banker in London – who wants to do that now?” said Wouter Jacobs, director of the Erasmus Commodity & Trade Center at Erasmus University in Rotterdam.

Wouter Jacobs | J.P. Morgan Center for Commodities | CU Denver Business School
Wouter Jacobs, Source- CU Denver Business School

Switzerland, a mountainous region, has very limited natural resources and is heavily dependent on its service sector. Switzerland seems nervous amid the country’s severed ties with the global superpower Moscow. Bern, in an attempt to discourage a direct face off with Russia, has disallowed for the country’s weapons to be taken to the conflict zone.

Switzerland, under mounting pressure from the EU, its largest trading partner has followed suit and has declared intention to ban financing and insurance on transportation of Russian oil by the end of the year. On the other hand, the mountain country having a highly developed economy understands the importance of strong ties with Moscow.

In an attempt to woo Moscow and strengthen its ties in the shadows, Switzerland imported 3.1 tonnes of gold worth around $200 million from Russia in May, accounting for around 2-3% of its total gold imports, the customs data show.

Read More: Zelensky is probably planning to flee to Switzerland

The Rise Of Dubai

Russia’s three largest oil producers are in the process of evaluating Dubai for trading operations, and several other firms have already relocated there. Sources claim executives from  Rosneft PJSC and Gazprom Neft PJSC, two of Russia’s biggest oil producers, exploring the possibility of shifting their businesses to Dubai.

Agricultural exports are free from sanctions, although the taboo created among the Swiss traders against trading with the Russians have pushed Moscow’s agricultural companies like Geneva stalwart — Solaris Commodities to open offices in Dubai.

UAE has been taking interest in Russian businesses for years. The Dubai Multi Commodities Center hosted an event with the Moscow Chamber of Commerce last year, aimed at attracting Russian businesses to set up companies there. Dubai’s interest in dealings with Russian businesses and the city’s highly developed infrastructure along with lucrative tax concessions has made it a big hit among organizations.

“Dubai has emerged as a real global commodities hub,” said Najla Al Qassimi, the Dubai-based director of global affairs at B’huth think tank, who was previously based in Geneva. “There’s the right infrastructure, transportation, and services to support these companies.”

ShareTweetSend
Vishwas Makkar

Vishwas Makkar

Columnist at TFI Media, Political Enthusiast.

Also Read

RIC Revival: Russia looks to bring in China and India to resurrect the RIC trio

RIC Revival: Russia looks to bring in China and India to resurrect the RIC trio

May 31, 2025
UK to go on the offensive, will initiate cyberattacks on Russia and China

UK to go on the offensive, will initiate cyberattacks on Russia and China

May 31, 2025
Russia rewards it soldiers for F-16 takedowns as S-400 proves it capabilities against Ukraine and Pakistan

Russia rewards it soldiers for F-16 takedowns as S-400 proves it capabilities against Ukraine and Pakistan

May 31, 2025
Israel Approves 22 New Settlements in West Bank

Israel Approves 22 New Settlements in West Bank Amid International Concerns

May 30, 2025
Greta Thunberg Joins Freedom Flotilla to Gaza

Greta Thunberg Joins Freedom Flotilla to Gaza Amid Ongoing Conflict

May 30, 2025
Vucic betrays Putin? Russian agencies find Serbia firms providing ammunition to Ukraine

Vucic betrays Putin? Russian agencies find Serbia firms providing ammunition to Ukraine

May 30, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.