Swiss exports to Russia fell only slightly after the start of the war in Ukraine, despite sanctions imposed by Bern, while pharmaceutical exports rose to a record high, according to data released on Sunday.

Although trade between the two countries has come to a halt in key sectors such as cars and watches, pharmaceutical exports to Russia have reached record levels, the Neue Zurcher Zeitung am Sonntag newspaper reported after analyzing data from the Federal Bureau of Customs and Border Protection (FOCB).

Medicines are considered humanitarian products, so they are not subject to sanctions.

From March 2022 to February 2023, Swiss exports to Russia amounted to 2.9 billion Swiss francs ($3.2 billion).

This figure is lower than the 3.5 billion Swiss francs recorded in the previous 12 months, but Swiss exports to Russia have only tripled the figure of 2.9 billion Swiss francs in recent years, NZZ am Sonntag notes.

“Given the long list of products that can no longer be shipped to the war-torn country, the impact appears to be minimal,” the weekly said.

Pharmaceutical exports rose 40% from 1.4 billion Swiss francs to around two billion after the invasion of Ukraine, and now account for about a third of Swiss exports to Russia.

Switzerland is home to many pharmaceutical companies, including Novartis and Roche. (News.ro)