On Friday evening Donald Trump exempted Russia from new major sanctions. The sanctions were provided for in a recently passed US law. Le Temps published the report on Saturday at 08:01 local time; RTS and the headline roundup of Google News Switzerland carry it as well. Le Temps and RTS describe the situation as a crisis with Kyiv. The exact wording of the exemption, its duration and its justification are not given in the reports. None of the three outlets mentions reactions from the Ukrainian or Russian government.
For Swiss banks, commodity traders and insurers, the American course helps determine which Russia-related business they can still do. If Washington runs differently from Brussels, these firms face different obligations that they have to examine in parallel.
Anyone who works with a Russia link should wait for communications from Seco and the Federal Council and not react to headlines. Private individuals with accounts or investments at a Swiss bank can ask customer service if they have questions.
An exemption from new sanctions is not an end to the old ones, but it is a signal that markets and allies read. Anyone who wants to hold course needs a clear justification, and that is missing so far.
Le Temps, RTS, Google News Switzerland
Trump exempts Russia from new sanctions provided for by a recently passed law – amid the crisis with Kyiv
Le Temps, RTS and Google News Switzerland agree in reporting that the US president on Friday evening refrained from imposing major new punitive measures on Moscow. It remains open how he justifies this and how long the exemption applies.
On Friday evening Donald Trump exempted Russia from new, far-reaching sanctions provided for by a US law passed only recently. Le Temps, RTS and the headline roundup of Google News Switzerland agree in reporting this; the two French-speaking Swiss outlets place the step in the context of an acute crisis between Washington and Kyiv. How the president formally justified the exemption, which measures remain suspended in detail and for what period, cannot be seen from the reports at hand. Reactions from Kyiv, Moscow or Brussels were also not to be found in the reports by early Sunday morning.
What matters is what the report does not say. It speaks of new sanctions provided for by the law, not of a lifting of existing measures. US sanctions laws often give the president the option of suspending individual provisions for a limited time by means of an exemption, a so-called waiver. Whether this is such a waiver is not stated in the reports; nor is it stated whether Congress can object. We therefore note: what is documented is the decision on Friday evening to forgo the new measures; everything else is open.
For Switzerland the question is not abstract. Since 2022 the Federal Council has largely adopted the EU’s sanctions packages against Russia, and the State Secretariat for Economic Affairs (Seco) implements them. Banks, commodity traders in Geneva and Zug, and insurers also align their internal rules with American requirements, because payments in dollars almost always run through US banks. The further Washington and Brussels drift apart in their course toward Moscow, the harder it becomes for these firms to assess their risks and to vet customers from the affected region.
What to watch next: whether the US government publishes the wording of the exemption, whether the EU announces new steps of its own, and whether the Federal Council or Seco comment on the consequences. Until then the current legal situation applies unchanged to Swiss companies, and Switzerland’s existing sanctions against Russia remain in force. Added to this is the political backdrop: the report comes in a week in which several international crises make headlines at once, from the street protests in France to the situation around the Strait of Hormuz. Precisely for that reason it is worth waiting, with so consequential a decision, until several independent sources confirm the wording, and not passing on rumors of alleged backroom deals. Anyone working with a Russia link should rely on the official communications of Seco and not on headlines.