Swiss watch conglomerate Swatch Group – which owns Omega, Longines, Tissot, and Breguet, among others – has announced it has halted exports to Russia.
The suspension of exports from the group could be a major blow to wealthy Russians wanting to acquire assets of value amid the plummeting value of the Russian rouble.
“Swatch Group is monitoring and analysing the situation very closely. At the moment, we have put exports to Russia on hold,” the company told Watchpro.
Affluent Russians have reportedly been purchasing luxury watches and jewellery in an effort to take advantage of the value of the rouble which has been plunging since the invasion of Ukraine.
The sanctions are taking a toll on the Russian currency and restricted cash movement, both domestic and international.
The European Union has also acted to exclude several Russian banks from the SWIFT financial messaging and payments system.
Several major logistics and travel companies have also suspended operations and services which could trigger shortages on materials and supplies, demand volatility and increase costs.
SWATCH’S HALTED brands TO RUSSIA
The Swatch Group is home to many premium brands, all of which have now been halted from export to Russia.