Putin likes to wear them
Russians have to do without Swiss luxury watches
03/19/2022, 12:44 am
Shortly after the EU stopped exporting luxury goods to Russia, Switzerland followed suit. The sanctions are intended primarily to hit Russian President Putin’s wealthy confidants and limit their decadent lifestyles.
Switzerland has joined the latest EU sanctions against Russia over the Ukraine war, banning the export of luxury goods to the country. The Swiss government said the measures should come into force in the coming days. Bern admitted that the ban could hit individual companies hard.
Switzerland is best known for manufacturing luxury watches. Watches are the third most important Swiss export goods. According to industry information, Russia imported Swiss watches for a total of 250 million euros last year. Luxury Swiss timepieces are very popular with wealthy Russians, and President Vladimir Putin regularly wears watches from famous Swiss brands on his wrist.
Several large manufacturers had already stopped exporting to Russia before the new sanctions were announced, including Rolex and the Swatch Group with brands such as Tissot, Omega and Breguet. In view of the Russian war of aggression against Ukraine, Switzerland had given up its traditional neutrality and joined the previous waves of EU sanctions against Russia. The latest EU sanctions ban, among other things, the export of champagne, cigars, perfume, jewellery, yachts and luxury limousines to Russia.
“Shouldn’t be able to indulge in pompous lifestyles”
The EU announced about a week ago that it wants to stop exports of luxury goods to Russia. The export ban is primarily aimed at Putin’s many rich supporters. Assets that already existed in the west of many had recently been frozen. In addition, those affected are no longer allowed to enter the EU.
“Those who keep Putin’s war machine running should no longer be able to indulge in their pompous lifestyles while bombs are falling on innocent people in Ukraine,” said European Commission President Ursula von der Leyen shortly after the EU summit in Versailles near Paris. In addition to the export ban for luxury goods, the new sanctions package envisages a ban on the import of certain products from the Russian iron and steel industry. This is a blow to a central sector of the Russian system and deprives the country of billions of dollars in export earnings, the Commission President said.