Russia seized multimillion-dollar Audemars Piguet watches in Moscow last week, according to NZZ am Sonntag. The move appeared to be in retaliation for Switzerland’s sanctions on Russia’s invasion of Ukraine. Switzerland has stepped down from its historically neutral regime to impose sanctions on Russia over its war with Ukraine.
Russian intelligence agents have confiscated millions of dollars worth of luxury watches from a Swiss watchmaker in apparent retaliation against Swiss sanctions for the war in Ukraine, the Swiss newspaper NZZ am Sonntag reported on Sunday. The watches were confiscated from a local subsidiary of Audemars Piguet in Moscow earlier this month, according to the newspaper. Audemars Piguet is almost 150 years old, a family watchmaker. The brand’s luxury watches usually cost tens of thousands of dollars to enter. Russian authorities reported customs violations over the seizure of watches, but the Swiss Foreign Ministry said in a confidential note that it was most likely “an arbitrary repressive measure in response to sanctions,” according to NZZ am Sonntag. On February 28, Switzerland withdrew from its historically neutral regime to impose sanctions on Russia for its unprovoked invasion of Ukraine. Restrictions include a ban on exports of luxury goods to Russia. Russia was the 17th largest exporter of Swiss watches in 2021, representing shipments worth 260.1 million francs ($ 278.6 million), according to the Swiss Watch Industry Federation. Audemars Piguet and the Swiss Foreign Ministry did not immediately respond to Insider’s requests for comments sent out of normal hours. A spokesman for Switzerland’s foreign affairs department told Bloomberg that the country’s embassy in Moscow was “currently having a very intensive exchange” with Swiss companies in Russia. Read the original article in Business Insider
