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Swiss exports to Russia have not been affected significantly since Ukraine-related sanctions meant to isolate Moscow were imposed, Neue Zuericher Zeitung am Sonntag newspaper reported on Sunday.
Between March 2022 and February 2023 Switzerland supplied Russia with goods worth 2.9 billion Swiss francs ($3.2 billion), down from 3.5 billion recorded the previous year, the outlet said, citing figures from the alpine nation's customs service.
While trade in sectors like watches and machinery has come to a halt, exports of medicines to Russia hit record highs, data shows. The outlet found that Bern's exports were dominated by pharmaceutical products, which surged 40% in the reported period.
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Export of medicines jumped from 1.4 billion Swiss francs to around 2 billion, and now account for about a third of all Swiss exports to Russia.
"Sales in Russia were driven by a number of factors, including the influx of patients who had delayed medical treatment due to the pandemic," Novatris, a Swiss multinational pharmaceutical corporation, told the newspaper, commenting on the increase in exports.
Though medicines are exempted from Western sanctions as humanitarian goods, patients and hospitals have been stockpiling "in anticipation of possible bottlenecks," the company explained, referring to supply chain disruptions caused by the trade restrictions.
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