Sulzer Freed from U.S. Sanctions, Demonstrating Need for Strategic U.S. Engagement
Sulzer, a Swiss industrial engineering and manufacturing firm, was caught up in U.S. sanctions in 2018 because its largest shareholder, the Renova Group, was controlled by Viktor Vekselberg, and was therefore targeted by Washington. To escape the sanctions, Sulzer repurchased enough shares from Renova to reduce its stake below the controlling threshold, leading to its removal from the U.S. sanctions list. In this audio podcast, Dr. Thomas Borer, who previously worked with Vekselberg, warns that many Swiss companies still lack a coherent strategy for dealing with the U.S., and that the vagueness of U.S. executive orders continues to create strategic risks.