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Switzerland<\/strong> has adopted the European Union<\/strong>‘s sanctions on the export of luxury goods to Russia<\/strong>, acknowledging that some Swiss companies could be hit hard.<\/p>\n <\/p>\n The European Union on Tuesday imposed a fourth wave of sanctions, which Switzerland said it would match. The country is not part of the EU and has a long tradition of neutrality on war<\/strong>, but it has nevertheless aligned itself with the waves of sanctions imposed by the EU.<\/p>\n <\/p>\n The new measures “will come into force in the next few days<\/em>“, the Swiss government said in a statement. “The ban on exports of luxury goods contained in the new sanctions affects only a small part of Switzerland’s global exports in this area. However, specific companies could be seriously affected<\/em>,” Berne said.<\/p>\n <\/p>\n Watchmaking<\/strong> is Switzerland’s third largest export sector, although far behind the pharmaceutical sector<\/strong> viagra para mulher<\/a>. Russia is the 17th largest export market for Swiss watchmakers, with 260 million Swiss francs<\/strong> (250 million euros) worth of exports last year, according to statistics from the watch industry federation, representing about 1% of total Swiss watch exports<\/strong>.<\/p>\n <\/p>\n However, exports are only a partial indication of sales because wealthy luxury watch lovers often spend a lot of money on tourist trips to Switzerland<\/strong>. Even before the sanctions were imposed, several major Swiss brands, including Rolex<\/strong>, had already halted their exports to Russia.<\/p>\n <\/p>\n Last week, the Swatch Group<\/strong>, which owns Tissot, Omega <\/strong>and Breguet<\/strong>, closed its shops in Russia, having already suspended exports the week before. Richemont<\/strong>, owner of the jewellery house Cartier<\/strong> and luxury watches such as IWC<\/strong> and Jaeger-LeCoultre<\/strong>, also suspended their activities in Russia.<\/p>\n <\/p>\n <\/p>\n