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S&P 500   4,274.04 (-0.72%)
DOW   33,980.32 (-0.50%)
QQQ   328.48 (-1.14%)
AAPL   174.59 (+0.90%)
MSFT   291.20 (-0.52%)
META   174.65 (-2.69%)
GOOGL   119.46 (-1.84%)
AMZN   142.04 (-1.89%)
TSLA   911.74 (-0.86%)
NVDA   183.26 (-2.93%)
NIO   20.08 (-3.97%)
BABA   89.78 (-3.10%)
AMD   98.22 (-1.98%)
MU   61.64 (-3.48%)
T   18.41 (-0.86%)
CGC   4.07 (+7.67%)
F   16.04 (-2.37%)
GE   79.89 (-1.46%)
DIS   122.79 (-1.74%)
AMC   21.10 (-14.95%)
PYPL   99.39 (-2.64%)
PFE   49.27 (-1.18%)
NFLX   241.03 (-1.90%)
S&P 500   4,274.04 (-0.72%)
DOW   33,980.32 (-0.50%)
QQQ   328.48 (-1.14%)
AAPL   174.59 (+0.90%)
MSFT   291.20 (-0.52%)
META   174.65 (-2.69%)
GOOGL   119.46 (-1.84%)
AMZN   142.04 (-1.89%)
TSLA   911.74 (-0.86%)
NVDA   183.26 (-2.93%)
NIO   20.08 (-3.97%)
BABA   89.78 (-3.10%)
AMD   98.22 (-1.98%)
MU   61.64 (-3.48%)
T   18.41 (-0.86%)
CGC   4.07 (+7.67%)
F   16.04 (-2.37%)
GE   79.89 (-1.46%)
DIS   122.79 (-1.74%)
AMC   21.10 (-14.95%)
PYPL   99.39 (-2.64%)
PFE   49.27 (-1.18%)
NFLX   241.03 (-1.90%)
S&P 500   4,274.04 (-0.72%)
DOW   33,980.32 (-0.50%)
QQQ   328.48 (-1.14%)
AAPL   174.59 (+0.90%)
MSFT   291.20 (-0.52%)
META   174.65 (-2.69%)
GOOGL   119.46 (-1.84%)
AMZN   142.04 (-1.89%)
TSLA   911.74 (-0.86%)
NVDA   183.26 (-2.93%)
NIO   20.08 (-3.97%)
BABA   89.78 (-3.10%)
AMD   98.22 (-1.98%)
MU   61.64 (-3.48%)
T   18.41 (-0.86%)
CGC   4.07 (+7.67%)
F   16.04 (-2.37%)
GE   79.89 (-1.46%)
DIS   122.79 (-1.74%)
AMC   21.10 (-14.95%)
PYPL   99.39 (-2.64%)
PFE   49.27 (-1.18%)
NFLX   241.03 (-1.90%)

Top NGO calls Switzerland 'safe haven' for Russian oligarchs


Swiss President Ignazio Cassis, center, welcomes Ursula Von der Leyen, President of the European Commission, left, and Ukrainian Prime Minister Denys Shmyhal, right, during the Ukraine Recovery Conference URC, Monday, July 4, 2022 in Lugano, Switzerland. The URC is organised to initiate the political process for the recovery of Ukraine after the attack of Russia to its territory. (Michael Buholzer/Keystone via AP)

LUGANO, Switzerland (AP) — A leading Swiss nongovernmental group on Monday called out Switzerland as a “safe haven” for Russian oligarchs and as a trading hub for Russian oil, grain and coal.

Public Eye urged the Swiss executive branch to “use all levers at its disposal to stop the financing of this inhuman aggression,” in a reference to Russian President Vladimir Putin’s war in Ukraine that has killed thousands of people, driven millions from their homes, and rippled through world economy by driving up food and fuel prices.

The group spoke out on the day that the Swiss president opened a conference on Ukraine's eventual recovery from Russia's war involving government officials, advocacy groups, the private sector, academia and U.N. organizations.

Ignazio Cassis was hosting leaders, including Ukrainian President Volodymyr Zelenskyy by video message, at the Ukraine Recovery Conference in the bucolic lakeside town of Lugano. Swiss diplomats say the meeting aims try to map out a way forward for the world to help the war-battered country to recover and rebuild when Russia’s war ends one day.

Cassis and Ukrainian Prime Minister Denys Shmyhal, co-hosts to the meeting, welcomed a parade of envoys including European Commission President Ursula von der Leyen and British Foreign Secretary Liz Truss.

The conference builds upon a multi-year, multi-country discussion about reform in Ukraine — even before the war began — but this time the focus is “recovery” from the war. Scores of Ukrainian ministers, lawmakers and others were also on hand.

Environmental groups want to help Ukraine build back better. Lobby groups Solar Power Europe and Wind Europe, together with their Ukrainian counterparts, urged Ukraine to set a target of producing at least 40% of its electricity from renewable sources by 2030, bringing it in line with European Union targets.


According to the International Energy Agency, Ukraine generated less than 10% of its electricity from renewable sources in 2019, the last year for which data was published. Most of Ukraine’s electricity comes from nuclear power and burning coal.

A small group of Greenpeace activists staged a media stunt by pretending to set up a fake wind turbine on the banks of Lake Lugano, as part of a call with Ukrainian NGOs to support sustainable energy development in the country whose infrastructure has been widely damaged.

In its call for transparency and better regulation in Switzerland, Public Eye said that “as a safe haven for oligarchs close to the Kremlin and as a trading hub for Russian oil, grain and coal, Switzerland bears a big political responsibility.”

It said Switzerland has been over the years a “popular refuge” for Russian business magnates to park their assets. The group said firms use Switzerland as an “unregulated commodity trading hub” and exploit a lack of transparency about financial dealings in the country.

There was no immediate response from the Swiss government.

The group welcomed Switzerland's “humanitarian engagement” for Ukraine through the conference but called on the government to strictly implement international sanctions on Russian elites and their government, and better regulate its trading hub.

Switzerland is a major international financial center and its government has traditionally touted Swiss “neutrality” — which is enshrined into law — and Switzerland’s role as an intermediary between hostile countries and as a host of many international and U.N. institutions.

The Swiss Bankers Association has estimated that the assets of Russian clients deposited in Switzerland’s banks total 150-200 billion Swiss francs (about $155-$210 billion), making the country a key repository of Russian money abroad.

Switzerland, which is not a member of the EU, has largely joined the bloc's sanctions against Russia. The website of the Swiss federal economics department says that as of May 12, a total of 6.3 billion francs have been frozen in Switzerland in connection with Russia's war in Ukraine.

7 Commodities ETFs to Help Build a Hedge Against Inflation

Commodities are a broad category that covers agricultural products like wheat, corn, and soybeans. It also includes oil and derivative products such as gasoline, natural gas, and diesel fuel.

However, investing in commodities also covers precious metals such as gold and silver as well as base metals like copper and aluminum. And more recently, this sector includes items like lithium that will be needed in many of the emerging sectors of our economy.

Commodities trading is frequently done by trading contracts on the futures market. And it's not for faint-of-heart investors. Prices are volatile and can change quickly due to macroeconomic events.

However, at certain times, particularly in times of high inflation, commodities outperform the broader market. A practical alternative for individual investors looking to profit from commodities is to invest in exchange-traded funds (ETFs). These funds give investors exposure to this sector while reducing the risk that comes from investing in any single commodity.

Here are seven ETFs that you can buy to help build a hedge against inflation.

View the "7 Commodities ETFs to Help Build a Hedge Against Inflation".

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