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Diamond encrusted Audemars Piguet watches.
Russian secret service agents confiscated millions of dollars worth of luxury watches from Audemars Piguet last week.Leon Neal/Getty Images
  • According to NZZ am Sonntag, millions of dollars worth of Audemars Piguet watches were seized by Russia.

  • The move appeared to be in response to the sanctions against Russia.

  • Switzerland left its neutral status to sanction Russia.

The NZZ am Sonntag newspaper reported on Sunday that Russian secret service agents had seized millions of dollars of luxury watches from a Swiss company.

The watches were taken from the local subsidiary of Audemars Piguet in Moscow. Audemars Piguet is a family-owned business. The entry cost for the brand's luxury watches can be tens of thousands of dollars.

The foreign ministry of Switzerland said in a confidential memo that it was most likely an arbitrary repressive measure in reaction to the sanctions, according to the NZZ am Sonntag.

Switzerland left its neutral status on February 28 to sanction Russia for its invasion of Ukraine. There is a ban on the export of luxury goods to Russia.

The Federation of the Swiss Watch Industry said that Russia was the 17th-largest market for Swiss watch exports.

Audemars Piguet and Switzerland's Department of Foreign Affairs did not respond to Insider's requests for comment. The embassy in Moscow has a very intensive exchange with Swiss companies in Russia.

The original article is on Business Insider.

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