“We caved in – under pressure from the big banks”

The sanctions against Russia and the importance of neutrality in economic warfare

(9 May 2025) Interview with former Federal Councillor Christoph Blocher*, questions by Christoph Pfluger**

Christoph Pfluger: Neutrality is primarily understood in military terms, but as we are now seeing, it also has an economic component. How do you see it?

Dr Christoph Blocher: I have only just realised how important it is for our international customers that we deliver from a neutral country. They say: with you, we were always sure that you weren’t on the side of the US, then on the side of the Russians or the Chinese, but that you are strictly neutral, armed and not in favour of non-military combat measures. The last point is particularly important. It is important to realise that the USA no longer wages war with its army, but with non-military measures, above all with economic boycotts.

We now have a war between the USA and China. Customs duties of 140 per cent mean that it is no longer possible to deliver. It is therefore important that we do not take sides. People are afraid of companies that take sides. This is also important for us economically as a small country. I am convinced that if we abandon our traditional, complete neutrality, we will be a nobody in the world and no longer of any interest.

Christoph Pfluger: There are speculations that we were put under economic pressure at the end of February 2022 to abandon our neutrality. What do you know about this?

Dr Christoph Blocher: We imposed the sanctions because we gave in to pressure from the US, which told us we had to go along with it. That was, of course, still the Biden administration. Within a week we caved in – under pressure from the big banks. They told us that if we didn’t participate, the US would put pressure on us with the currency and throw us out of the dollar. The big banks could just as easily have said: we’ll do it if the Americans insist, but don’t drag the state into it. They should have told the Russian oligarchs that they could no longer do business with them because otherwise they would lose the US. Instead, they dragged the state into it. Now they can tell the oligarchs: we would like to continue doing business with you, but the state forbids us to do so. That is why we must never allow ourselves to be pressured. That is why we need the neutrality initiative, so that we cannot simply flip-flop back and forth.

Christoph Pfluger: According to an ETH study from 2023, 55 per cent of voters are in favour of closer ties with NATO. If the vote on the neutrality initiative becomes a question of rapprochement, the vote will be lost. What is your response to that?

Dr Christoph Blocher: We must reveal what rapprochement means. I have nothing against rapprochement of any kind. We can move closer to the US, we can move closer to China, we can also move closer to NATO. But we must not tie ourselves down. That is why they use these words. You know why they do not talk about a framework agreement in which the EU sets the direction. They prefer to ask: Do you also want stable relations with the EU? I would be in favour of that too. These are the dangerous things. And when it comes to neutrality, it becomes very dangerous. They say that we are still neutral, but that we must be flexible. That is dangerous.

* Christoph Blocher, Born in 1940, Doctor of Law, entrepreneur, member of the National Council from 1979 to 2003, elected to the Federal Council on 10 December 2003, Head of the Federal Department of Justice and Police (EJPD) from 2004 to 2007. ** Christoph Pfluger, born in 1954, journalist and publisher of the magazine “Zeitpunkt” since 1992. Member of the board and spokesperson for the association “Bewegung für Neutralität” (Movement for Neutrality). (https://bene.swiss)

Source: https://bene.swiss/blocher-sanktionen-grossbanken/, 17 April 2025

(Translation “Swiss Standpoint”)