Russian agents seized millions of dollars worth of Audemars Piguet watches in Moscow in an apparent retaliation for Swiss sanctions banning luxury goods exports, Bloomberg reported, citing Swiss newspaper NZZ am Sonntag.
The watches, which can cost more than £700,000 apiece, were seized from the firm’s local premises by agents from Russia’s FSB security service on Tuesday, the newspaper said. It cited independent sources and a confidential Swiss Federal Department of Foreign Affairs memo written for members of parliament that apparently gave details of the raid.
Switzerland abandoned its traditional neutral stance and followed other western governments in imposing sanctions banning the export of luxury goods to Russia earlier this month in response to the invasion of Ukraine.
The Swiss member of parliament Roger Köppel first revealed the information on a YouTube video.
Russian authorities reportedly cited customs offences as the reason for seizing the watches, yet Swiss foreign affairs department officials said the move was “most likely an arbitrary repressive measure in response to the sanctions”, the newspaper reported, citing the memo.
Officials from Audemars Piguet did not immediately respond to emails seeking comment. The Swiss watchmaker announced it would halt exports to Russia and pause retail operations there, closing two boutiques in Moscow at the end of February.
A spokesperson for Switzerland’s Department of Foreign Affairs said that the Swiss embassy in Moscow provides support to companies in Russia in coordination with other departments and that “in the course of the sanctions and Russian countermeasures, companies are faced with numerous uncertainties and regulatory measures”.
“The embassy is currently maintaining a very intensive exchange” with local Swiss companies in Russia, the spokesperson said in an email response to Bloomberg News. “Individual cases can therefore not be commented on, also to ensure the safety of the employees of these companies.”
For many of Europe’s top consumer-facing companies, a fullscale exit from Russia has proved challenging. Firms including Swiss packaged food giant Nestlé SA have thousands of employees and sensitive production facilities that risk seizure and recrimination by Russia if they were to leave.
Family owned and controlled for nearly 150 years, Audemars Piguet is one of the three biggest independent Swiss watch brands, along with Patek Philippe and Rolex.
Russia was the 17th-biggest export market for Swiss watches in 2021, accounting for 260m Swiss francs (£212m) of shipments, according to the Federation of the Swiss Watch Industry.
