Latest news with #Bundeshaus
The Star
4 hours ago
- Business
- The Star
Switzerland lifts economic sanctions on Syria
FILE PHOTO: A Swiss flag hangs at the Swiss Parliament building (Bundeshaus) in Bern, Switzerland, March 12, 2025. REUTERS/Denis Balibouse/File photo ZURICH (Reuters) -Switzerland said on Friday it will lift a raft of economic sanctions imposed on Syria, including the Middle Eastern country's central bank. After the toppling of former Syrian president Bashar al-Assad in December 2024, targeted sanctions against individuals and entities linked to the former government will still remain in place, Switzerland's governing Federal Council said. "The aim of this decision is to promote the country's economic recovery and an inclusive and peaceful political transition," the council said in a statement. After an initial easing of sanctions in March, Switzerland is now lifting restrictions on the provision of certain financial services, trade in precious metals and the export of luxury goods, the government said. Some 24 entities including the central bank of Syria have also been removed from the sanctions list, it added. The announcement follows the EU's decision to lift its economic sanctions on Syria at the end of May after a similar move by the U.S. Treasury Department in the same month. (Reporting by Marleen KaesebierEditing by Dave Graham)
Straits Times
8 hours ago
- Business
- Straits Times
Swiss to spend $329 million to support Geneva as diplomatic hub
FILE PHOTO: A Swiss flag hangs at the Swiss Parliament building (Bundeshaus) in Bern, Switzerland, March 12, 2025. REUTERS/Denis Balibouse Swiss to spend $329 million to support Geneva as diplomatic hub ZURICH - Switzerland will spend 269 million Swiss francs ($329.37 million) to support Geneva as a hub for international diplomacy, the government said on Friday, amid growing financial pressure on global institutions hit by spending cuts and lower donations. The money, which will cover the period of 2026 to 2029, comes as international organisations based in city face increasing competition from other cities to host them. Bern said it was making the funding available to reaffirm the "central role of international Geneva in Swiss foreign policy and its unique role in global governance." Geneva is a hub for global diplomacy, hosting more than 40 international organisations, including the United Nations, World Health Organisation, and the World Trade Organisation. In recent months, cuts in contributions or suspension of payments by individual member states have led to serious liquidity bottlenecks at international organisations. Numerous institutions based in Geneva have been forced to drastically reduce their budgets, cut staff or even consider relocating abroad, the government said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
