Russian customers confiscated millions of dollars in Audemars Piguet watches in Moscow.
The Swiss newspaper NZZ am Sonntag reports that Russian agents have confiscated millions of dollars in Audemars Piguet watches in Moscow, apparently in response to Swiss sanctions banning exports of luxury goods to Russia.
The newspaper, citing people familiar with a classified memo from the Swiss Federal Foreign Ministry, said the expensive watches were confiscated from the company's local headquarters by special agents of the Russian FSB.
Switzerland, home to many of the world's top watch brands, has abandoned its traditional neutral stance and agreed to European Union sanctions that banned the export of luxury goods to Russia earlier this month in response to the invasion of Ukraine.
Russian authorities cited customs violations as the reason for the confiscation of Audemars Piguet's watches, but Swiss Foreign Ministry officials said the move was "most likely an arbitrary measure in response to the sanctions," the newspaper said, citing the memo.
The Swiss watchmaker has halted exports to Russia, as well as temporarily halting retail operations in the country, a company spokesperson told Bloomberg on March 8.
A spokesman for the Swiss Foreign Ministry said that the Embassy of Switzerland in Moscow provides support to companies in Russia in coordination with other departments, and that "in the context of Russian sanctions and countermeasures, companies face many uncertainties and regulatory actions."
Big European companies face challenges to get out of Russia. They, including the Swiss food giant Nestle, have thousands of employees and sensitive production facilities at risk of being taken over by Russia.
Family-owned and run for nearly 150 years, Audemars Piguet is one of the three largest independent Swiss watch brands, along with Patek Philippe and Rolex.
Russia ranked 17th in the list of the largest export markets for Swiss watches in 2021, and the value of shipments to it amounted to 260 million francs ($278 million), according to the Federation of the Swiss Watch Industry.
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