Switzerland has suspended talks on the creation of a free trade area with Russia, foreign media reported on Wednesday citing Swiss Economy Minister Johann Schneider-Ammann.

"We have come to the decision to freeze the negotiations and notified the Russians of that. Free trade agreements are important, Russian market is important, Customs Union market is important, but not at any price," the minister said, adding that the decision, made by the Swiss government, is due to the situation in Crimea.

According to him, negotiations could resume after "the situation stabilizes." With regard to possible sanctions against Russia, Schneider-Ammann said the Swiss Federal Council would certainly discuss this issue in the coming weeks.

A reminder that in mid-December 2013 the Russian Foreign Ministry said representatives of the Customs Union had been negotiating a free trade area with New Zealand and non-EU states (including Switzerland).

Ukrinform