Total Swiss exports to Russia fell only slightly despite the sanctions imposed by Bern, while exports of medicines rose to record levels, according to a report published Sunday.

Switzerland imposed sanctions on Russia within the framework of the ten strict measures imposed on it by the European Union since the start of its invasion of Ukraine in February 2022.

The New Zurich Zeitung am Sonntag newspaper said, after analyzing the figures issued by the Federal Office of Customs and Border Security, that despite the suspension of Swiss trade with Russia in many key sectors, especially machinery and watches, pharmaceutical exports recorded a record high.

Medicines are considered humanitarian goods and are exempt from penalties.

Switzerland exported goods worth 2.9 billion Swiss francs ($3.2 billion) to Russia between March 2022 and February 2023.

The newspaper added that the value of exports declined from 3.5 billion Swiss francs recorded in the previous twelve months, but the value of exports exceeded the threshold of 2.9 billion francs only three times in recent years.
"Looking at the long list of goods that can no longer be shipped to the country at war, the impact seems very small," the newspaper added.

Pharmaceutical exports have risen by about 40%, from around CHF1.4 billion to around CHF2 billion since the invasion - and now make up about a third of all Swiss exports to Russia.

Switzerland is home to many large pharmaceutical companies, including Novartis and Roche.

"Sales in Russia were driven by a number of factors, including the influx of patients who postponed medical treatment due to the epidemic," the newspaper quoted Novartis as saying.

The company added regarding the war that "one of the factors was the resort of patients and hospitals to form stocks in anticipation of possible difficulties in obtaining medicines."

Despite respecting EU sanctions against Russia, landlocked Switzerland's military position is neutral.
But the issue has been hotly debated since the return of all-out war to Europe.

Despite pressure from Kiev and its allies, Switzerland has so far refused to allow countries that possess Swiss-made weapons to re-export them to Ukraine.