Update: After tumbling 10% earlier, Oerlikon officials have responded:
*OERLIKON SAYS NOT AFFECTED BY US SANCTIONS VS VEKSELBERG
*OERLIKON ISN’T SUBJECT TO US SANCTIONS
* * *
Investors in Switzerland are hitting the panic button as Washington sanctions against Russian oligarch Viktor Vekselberg have sent share prices in his biggest holdings plunging.
Vekselberg has major holdings in Renova, Sulzer, Oerlikon, Schmolz & Bickenbach, and Zublin.. and due to the sanctions, no US dollar payments are allowed anymore.
Here is what Bloomberg shows for those stocks…
Switzerland’s broad market index is also tumbling…