Swiss exports to Russia amounted to 2.9 billion Swiss francs ($3.2 billion) between March 2022 and February 2023
Swiss exports to Russia have only fallen slightly since the start of the war in Ukraine despite sanctions imposed by Bern, while exports of pharmaceuticals have soared to record levels, figures released today showed.
Although trade between the two countries has stalled in some key sectors, such as machinery and watches, exports of pharmaceuticals to Russia have reached record levels, the Neue Zurcher Zeitung am Sonntag newspaper pointed out after analyzing data from the Federal Customs Service and Border Security Force (OFDF).
The medicines they are considered humanitarian goods, so they are exempt from sanctions.
Swiss exports to Russia amounted to 2.9 billion Swiss francs ($3.2 billion) between March 2022 and February 2023.
This amount is less than the 3.5 billion Swiss francs recorded in the previous twelve months, but Swiss exports to Russia have not exceeded the amount of 2.9 billion only three times in recent years, 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 noted.
Exports of pharmaceutical products increased by 40%, and from 1.4 billion Swiss francs, they rose to about two billion after the invasion of Ukraine, representing today almost a third of Swiss exports to Russia.
Switzerland is home to many pharmaceutical groups, such as Novartis and Roche.
According to the company Novartis quoted by NZZ am Sonntag, “sales in Russia were favored by many factors, such as the influx of patients who had postponed their health care due to the pandemic” Covid-19.
“One of the factors was stockpiling by patients and hospitals in anticipation of possible disruptions” due to the war, according to Novartis.
Switzerland has aligned itself with the sanctions adopted by the countries of the European Union against Russia, but in terms of deliveries of military material it maintains strict neutrality.
Despite calls from Kiev and its allies, Switzerland has so far refused to allow countries with Swiss-made weapons to re-export them to Ukraine.
Source :Skai
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