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Agents of the FSB, the Federal Security Service of the Russian Federation, seized several luxury watches worth millions of dollars from a Moscow-based Audemars Piguet boutique.
As Switzerland abandoned its neutrality status to join Western countries in imposing sanctions against Russia for its invasion of Ukraine, many luxury companies, including Swiss watchmakers, followed suit and suspended their operations and exports to that country.
This seizure could therefore be linked to the sanctions put in place by Switzerland and its companies, although the FSB has stated that the seizure was made for “customs violations” , while claiming that the watches had transgressed local Russian customs rules when imported.
However, this latest seizure comes just weeks after Audemars Piguet said it had ceased operations in Russia and closed its two shops in the Russian capital. To correlate, Russian officials have shown an increased willingness to seize the assets of foreign companies that attempt to curtail their business activities in Russia.
This seizure could therefore have been carried out with the aim of sanctioning foreign companies based in Russia.
In terms of figures, however, the Swiss watch industry has not lost its largest market, with Switzerland exporting 260 million Swiss francs (252.6 million euros) worth of watches to Russia last year, making Russia the 17th largest export market for Swiss watches.
Read also > CARTIER UNVEILS 18 UNIQUE TIMEPIECES IN COLLABORATION WITH THE SINGAPORE WATCH CLUB
Featured Photo : © Audemars Piguet[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
Agents of the FSB, the Federal Security Service of the Russian Federation, seized several luxury watches worth millions of dollars from a Moscow-based Audemars Piguet boutique.
As Switzerland abandoned its neutrality status to join Western countries in imposing sanctions against Russia for its invasion of Ukraine, many luxury companies, including Swiss watchmakers, followed suit and suspended their operations and exports to that country.
This seizure could therefore be linked to the sanctions put in place by Switzerland and its companies, although the FSB has stated that the seizure was made for “customs violations” , while claiming that the watches had transgressed local Russian customs rules when imported.
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[/vc_cta][vc_column_text]Featured photo : © Audemars Piguet[/vc_column_text][/vc_column][/vc_row]
Agents of the FSB, the Federal Security Service of the Russian Federation, seized several luxury watches worth millions of dollars from a Moscow-based Audemars Piguet boutique.
As Switzerland abandoned its neutrality status to join Western countries in imposing sanctions against Russia for its invasion of Ukraine, many luxury companies, including Swiss watchmakers, followed suit and suspended their operations and exports to that country.
This seizure could therefore be linked to the sanctions put in place by Switzerland and its companies, although the FSB has stated that the seizure was made for “customs violations” , while claiming that the watches had transgressed local Russian customs rules when imported.
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[/vc_cta][vc_column_text]Featured photo : © Audemars Piguet[/vc_column_text][/vc_column][/vc_row]
