Moscow seizes luxury Admars Picute watches in response to sanctions

Russian FSB agents raided a local subsidiary of a Swiss watchmaker. The amount seized was several million euros.

Russia launches counter-offensive against sanctions That, too, goes through some of the messages sent to Europe. According to Swiss Press NZZ, Russia’s Federal Security Service (FSB) raided a local subsidiary of luxury watch maker Audemars Piguet and seized a set of watches, some of which sold for hundreds of thousands of euros. In total, the seizure loss for the Swiss company was several million euros.

Officially, Russian officials used customs offenses to justify the search, but Swiss foreign ministry officials saw the decision as “often an arbitrary repression in response to sanctions.”

Switzerland, a staunch policymaker, has finally agreed to follow in Europe’s sanctions against Russia. Banks are required to notify the Ministry of Economy of persons, companies or institutions targeted by sanctions.

Funds have been withheld but not confiscated, and since there is no legal basis for confiscation in Switzerland the disabled assets will be the property of the person concerned.

Founded in 1875, the Audemars Piguet is one of the last major independent Swiss watch manufacturers, often cited with Rolex and Paddock Philippe. The brand stopped its exports to Russia in February.

Thomas Le Roy Journalist BFM Business

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