Russian agents have seized millions of dollars worth of Audemars Piguet watches in Moscow in retaliation for Swiss sanctions banning the export of luxury goods, the Swiss newspaper NZZ am Sonntag reported.
The expensive watches were confiscated from the company’s premises by special agents of the Russian FSB, the newspaper reported, citing people who know a confidential note of the Swiss Federal Ministry of Foreign Affairs.
Switzerland, home to many of the world’s leading watch brands, has abandoned its traditional neutral stance and combined European Union sanctions banning the export of luxury goods to Russia earlier this month in response to the invasion of Ukraine.
Russian authorities have cited customs offenses as the reason for the confiscation of Audemars Piguet watches, but Swiss Foreign Ministry officials said the move was “probably an arbitrary crackdown in response to sanctions,” the paper said.
Audemars Piguet officials did not immediately respond to a request for comment. The Swiss watchmaker has stopped exporting to Russia and cut off retail sales in Russia, a company spokesman told Bloomberg News on March 8.
A spokesman for the Swiss Foreign Ministry said that the Swiss embassy in Moscow was providing support to companies in Russia in coordination with other services and that “during sanctions and Russian countermeasures, companies face many uncertainties and regulatory measures”.
“The embassy is currently holding a very intensive exchange of views” with local Swiss companies in Russia, the spokesman told Bloomberg News in an email. “Therefore, individual cases can not be commented on, also to ensure the safety of the employees of these companies.”
For many of Europe’s leading consumer companies, a complete exit from Russia has proved challenging. Companies like the Swiss packaged food giant Nestle SA have thousands of employees and sensitive production facilities at risk of foreclosure and mutual accusation from Russia if they leave.
Audemars Piguet, a family business controlled for almost 150 years, is one of the three largest Swiss independent watch brands, along with Patek Philippe and Rolex.
Russia was the 17th largest export market for Swiss watches in 2021, accounting for 260 million francs ($ 278 million) in shipments, according to the Swiss Watch Industry Federation.
Source: Capital
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