Audemars Piguet Swiss Watches Worth Millions Seized In Moscow
An Audemars Piguet luxury wristwatch can cost even a million dollars.
Authorities alleged that the watches had been brought into the country in violation of customs rules, according to the BBC. The famous watch company has not publicly commented on the situation.
The incident took place after Switzerland, known for its neutral status, announced it was aligning itself with EU sanctions imposed on Russia due to its brutal invasion of Ukraine.
Audemars Piguet Suspended Its Operations In Russia
After the invasion of Ukraine and the public scandal that spread all over the world, the Swiss luxury brand Audemars Piguet announced that it decided to cease operations in Russia and that its two Moscow stores were temporarily closed.
Phote Credit: professionalwatches.com
According to industry officials, Switzerland exported watches worth 260 million Swiss francs (280 million dollars) to Russia in 2021, but the Russian market is worth much more, as many citizens buy their luxury goods directly from the manufacturing country.
After dozens of big companies - including big names in the fashion and jewelry industry - announced their decisions to exit the Russian market due to the invasion of Ukraine, Moscow reacted by seizing their property. Hundreds of chartered foreign passenger planes worth nearly 10 billion dollars have been seized in the country, with their owners denied requests for their return.
Earlier this month, the Russian authorities said they were considering a law allowing the nationalization of assets of Western companies that withdraw from the country.
The United Nations High Commissioner for Refugees says just over 4 million Ukrainians have fled the country since the Russian invasion began on February 24, while the country is being devastated by Russian bombs. The number of victims inside the country due to the war is still unknown at this point.
Meanwhile, the president of the World Bank has told the BBC that the war in Ukraine is "a catastrophe" for the world which will cut global economic growth.
