Russian people gag
for drugs. Pharma imports are drastically reduced in Russia because of the
“Swift” effect. Citizens also queued up at pharmacies for drugs in the Russian
capital, Moscow. The result of the sanctions on Russia in the wake of the
aggression on Ukraine. This is especially the case with Russian banks being
exempted from the US 'Swift' money transfer system. More than a dozen iconic
pharma companies have already announced their withdrawal from Russia. However,
the supply of life-saving drugs and vaccines will continue until a final
decision is made.
But, Swift's lack
of payments to pharma companies has now become a major reason for the shortage
of drugs in Russia. In addition, the suspension of cargo services by the iconic
logistics company Maersk is having a severe impact on the supply of drugs. The
American company that supplies drugs to Russia is Lily, the Swiss pharma giant
is Novartis, and the French company is Sanofi. German companies trade in US
dollars or euros. With the cancellation of Swift services, payments for them
could not be made which led to pharma supply being severely affected. It has
now been revealed that there is a shortage of 80 types of drugs in Russia.
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