Switzerland feared retaliatory measures from China but kept the decision quiet for undefined legal reasons, reports the NZZ am Sonntag newspaper. China’s ambassador to Bern, Wang Shihting, warned Switzerland last November not to impose sanctions. “Anyone who really cares about the friendly relations between the two countries and who makes responsible polities will not agree to the sanctions,” he said.
To be fair there are also plenty of tax havens within the EU. But I do agree that the EU has leverage that it should use more often.