Swiss exports to Russia has fallen only slightly since the start of the war in Ukraine, despite sanctions imposed by Berne, while pharmaceuticals exports have risen to record levels, according to data released today.

Although trade between the two countries has stalled in some key sectors such as cars and watches, exports of pharmaceuticals to Russia have reached record levels, the Neue Zurcher Zeitung am Sonntag newspaper notes after analyzing data from the Federal Customs Service and the Border Guard. (OFDF).

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

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

This amount is less than the 3.5 billion Swiss francs recorded in the previous twelve months, but Swiss exports to Russia have only three times in recent years not exceeded the amount of 2.9 billion, notes NZZ am Sonntag.

“Given the long list of products that can no longer be delivered to the war-torn country, the impact is limited,” the weekly notes.

Pharmaceutical exports increased by 40%, from CHF 1.4 billion to about CHF 2 billion after the invasion of Ukraine, which is now almost a third of Swiss exports to Russia.

Switzerland is home to many pharmaceutical groups such as Novartis and Roche.

According to Novartis, cited by NZZ am Sonntag, “sales in Russia have been helped by many factors, such as an influx of patients who have delayed their treatment due to the Covid-19 pandemic.”

“One of the factors was the stockpiling by patients and hospitals in anticipation of possible disruptions due to the war,” says Novartis.

Switzerland has joined the sanctions adopted by the EU countries against Russia, but maintains strict neutrality regarding the supply of military equipment.

Despite calls from Kyiv and its allies, Switzerland has not yet allowed countries with Swiss-made weapons to re-export them to Ukraine.

AFP