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Officials in Russia have reported the seizure of watches by Audemars Piguet worth millions of dollars.
The Swiss valuables were seized yesterday in a shop by security service agents for violating customs rules, according to a Swiss media report.
The development comes days after Switzerland abandoned its neutral position to join Western-imposed sanctions on Russia following its invasion of Ukraine.
The Swiss government has said that export bans on some luxury brands are causing “uncertainty” for some businesses.
Audemars Piguet watches can cost more than $ 921,000 each. The company has not yet responded to media interest in commenting.
According to the Swiss daily NZZ am Sontag, the watches were seized by FSB security agents, from the Moscow branch of the Audemars Piguet network.
Agents had justified the seizures with allegations that the watches had violated customs rules upon entry into Russia.
Following the start of the invasion of Ukraine, Switzerland has said it is suspending operations in Russia and many of its stores in Moscow are described as “closed” on websites.
According to industry figures, Switzerland exported luxury watches worth 260 million francs ($ 280mln) to Russia last year, but the market could be much larger if you count Russian customers buying goods in Switzerland.
Several types of seizures have been seen in recent days by Western companies in Russia, such as the dozens of passenger planes left at Russian airports after refusing to leave.
The BBC writes that former President Dmitry Medvedev has said that a new law could privatize the assets of foreign companies trying to leave Russia.
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