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Shortly following the start of the war, Switzerland adopted the EU sanctions once morest Russia and subsequently tightened them. With consequences for a Swiss luxury watch brand, but also for jobs at Swiss banks.
The Swiss luxury watch company is feeling the consequences of the sanctions.
Getty Images via AFP
Due to the sanctions, machines from the Russian airline Aeroflot are stuck at Geneva Airport, for example.
AFP
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Russia has apparently reacted to the sanctions imposed by Switzerland with “repressive measures”.
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Among other things, a Swiss luxury watch brand is affected.
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The Russian secret service has confiscated several watches.
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The sanctions also put jobs at Swiss banks at risk.
One of the many EU sanctions once morest Russia concerns luxury goods that have been banned from being exported to Russia. These are works of art, watches and cars worth more than 50,000 euros. The Federal Council has also adopted these sanctions, the export of luxury goods to Russia from Switzerland has recently been no longer possible.
According to a report by theNZZ on Sunday» Russia has now reacted to this and confiscated Swiss luxury watches. Accordingly, the Russian secret service is said to have searched the premises of the subsidiary of the Vaud luxury watch company Audemars Piguet in Moscow and confiscated watches. Total value of the watches: several million francs. According to a confidential information note to several parliamentary commissions, the Federal Department of Foreign Affairs (FDFA) is said to have described the procedure as “arbitrary repressive measures in response to the sanctions”, the newspaper said.
After announcing sanctions on luxury goods, the Russian government also threatened that companies would be nationalized if they pulled out because of the war in Ukraine. The “NZZ am Sonntag” knows regarding a Russian-Swiss company that was threatened: If the executives wanted to leave Russia, they would have to face prison sentences.
Jobs at Swiss banks at risk
The sanctions once morest Russia might be loud “Sunday Newspaper” also have consequences for bankers in Switzerland. In asset management at the big banks, business with Russian customers is severely restricted due to the sanctions. The longer the war lasts and the restrictions apply, the more likely it is that banks will cut jobs here, the newspaper says.
There are also restrictions for Russian customers whose name is not on the sanctions list: Russians residing in Russia are no longer allowed to bring new money if the total value of the deposits exceeds CHF 100,000, according to the sanctions ordinance. In addition, UBS, Julius Baer and Deutsche Bank Switzerland have announced that they will stop new business with Russian clients. It is estimated that around 370 jobs of employees at the Russia desks who look following wealthy Russian customers in Switzerland would be at risk.
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