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Russian agents reportedly seized a fortune in luxury watches manufactured by Swiss firm Audemars Piguet – a move seen as the Kremlin’s retaliation after the Swiss government imposed economic sanctions in response to Russia’s invasion of Ukraine.
Members of Russia’s secret service, the FSB, took the watches during a raid on a local subsidiary of Audemars Piguet. The value of the seized goods was said to be worth the equivalent of several million dollars.
Russian officials said the watches were seized due to customs violations, but Swiss authorities weren’t buying the explanation.
Swiss foreign affairs department officials said in a confidential memo that the raid was “most likely an arbitrary repressive measure in response to the sanctions,” Swiss newspaper NZZ am Sonntag reported.
The incident occurred weeks after Switzerland abandoned its tradition of neutrality and joined with the European Union in enacting sanctions against Russia.
The country banned the export of luxury goods to Russia as part of several actions meant to increase economic pressure on the Kremlin to end escalating violence in Ukraine.
Audemars Piguet representatives did not immediately return a request for comment.
Audemars Piguet took its own action to response to the war. The luxury watchmaker has paused retail operations in Russia since March 8, according to Bloomberg.
Switzerland’s Department of Foreign Affairs declined to comment specifically on the incident, citing the need to “ensure the safety of the employees of these companies.”
The department noted that companies with business operations in Russia “are faced with numerous uncertainties and regulatory measure” due to “sanctions and Russian countermeasures,” Bloomberg reported.
Russia imported approximately $280 million in Swiss-made luxury watches in 2021, according to the Federation of the Swiss Watch Industry.
Russia ranked as the world’s 17th-largest market for the watches last year.
In the first days of the war, Russians reportedly bought luxury goods such as jewelry and watches – shifting their money as the value of the ruble cratered in response to international sanctions. Many companies active in the sector have since cut ties with Russia.
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