Russia Seizes Millions-Worth Of Audemars Piguet Watches In Retaliation To Swiss Sanctions

[L. Coyote]

Source: ibtimes.com

Russian agents have seized millions of dollars worth of Audemars Piguet watches in Moscow in what appears to be retaliation for Swiss sanctions banning luxury goods exports amid the conflict in Ukraine.

The watches were taken by Russia’s FSB security service Tuesday. Each watch can cost more than £700,000, Swiss newspaper NZZ am Sonntag reported, citing independent sources and a Swiss Federal Department of Foreign Affairs memo detailing the raid conducted by the Russians.

Russian officials said the watches were taken due to customs offenses. However, officials for the Swiss foreign affairs department said the move was likely a response to Switzerland’s decision to abandon its neutral stance and follow the West in imposing sanctions on Russia following its invasion of Ukraine.

It is unclear what Switzerland plans to do in response to Russia taking Audemars Piguet watches. Officials for the Swiss foreign affairs department have refused to comment on the issue, adding that their silence will help ensure the safety of the employees working for Swiss companies in Russia.

Officials from Audemars Piguet have also yet to speak about the incident. ............

Read more: https://www.ibtimes.com/russia-seizes-millions-worth-audemars-piguet-watches-retaliation-swiss-sanctions-3452591

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[pecosbob]

1. Next they'll go after Italian shoes and German cars

[LittleGirl]

2. That sounds like what bullies would do.

The Swiss can absorb the costs. You know you've messed up when the Swiss are no longer neutral.

[calimary]

3. Exactly.

[poli-junkie]

4. Wouldn't the Swiss watch

Maker have a unique serial # for each watch and declare that watch as hot thus reducing its value?

[Pachamama]

9. Yes they do

These items will and should be seen as worthless and toxic like a blood diamond

[brush]

5. How many people wear watches anymore? Cell phones...

tell the time and much more.

[AllTooEasy]

7. Watches are just wrist jewelry and status symbols now

I wear nice watches at “dressy” events. The batteries don’t even work anymore, and nobody around me could care less.

[Mosby]

20. Nice watches don't need batteries.

[tonekat]

35. I had a couple of fake Rolexes

At the time, years ago. Back then, I had a very smarmy co-worker, and I was wearing one of the fakes to work. He fell for it. I told him it was a gift from my future in-laws.

He was a piece of work, he got into a program where he would take the day off to go to law school and still get paid (it was a major insurance company). I found out later he never attended school.

[EX500rider]

28. I do...look at my wrist Vs get cel out of pocket & hit power button

Wrist is faster/easier

[Tomconroy]

6. We know they won't maintain them.

[AllTooEasy]

8. TAX Write-offs. Yawwwn

Those Swiss billionaires will view these seizures as minor inconveniences. Order the secretary to file the insurance paperwork, and move on with your fancy lifestyle.

[BlueMTexpat]

10. Measures are becoming

increasingly desperate and pathetic!

[BumRushDaShow]

11. Why? For sale on Ebay or something?

[NJCher]

12. The day will come

When Russia is desperate for investment money and because of a history like this, there will be none.

[L. Coyote]

14. Already happening. China just pulled out of investing in a gas pipeline project.

[former9thward]

33. Russia shot the capitalists in 1917 and nationalized everything.

China did the same in 1949. Neither had a problem getting investment when it suited them.

[NJCher]

36. That's not true at all

You post the most erroneous stuff.

There’s an article in the wash post that was published in the last few days that recounts the struggle to rebuild their economy. Go find it. Educate yourself and stop posting stupid untrue crap.

[former9thward]

37. And you were unable to post anything I said that was untrue.

Just your name calling. I am not surprised.

[C_U_L8R]

13. No one will ever do business in Russia again

Trust takes years to build and seconds to lose. They'll never get it back.

[Beastly Boy]

15. Who is the idiot advising Putin?

He certainly has no sense of taste or style. Audemars is so Saudi minor royalty watch! Now Putin looks like a cheap third world thug. If you make grand larceny part of your foreign policy, the least you can do is go after Breguet, for gawd's sake!

[Jetheels]

19. Cheap third world thug......apt description.

[Marcuse]

32. If Russia's on third, who's on second? China?

[SWBTATTReg]

16. And guess who is really the ones hurting? Yeah, sure the company making the watches will hurt

as a result (and the dealers too) of the watches being seized, but putin's buddies too, will feel the pain since they no longer can buy a $700K watch...my god, watch the pain race across their faces when the Russian Billionaires can no longer buy these watches.

Russia and / or Putin seem to have an outsized opinion of the Russian economy, it's only 5% of the size of the US Economy, and I suspect roughly 5% of the European Economy too (Europe and the US are roughly equivalent, economy-wise). So, every company Russia seizes stuff from, force them to shut down, etc., a loss of equipment, a loss of talent, and more (foreign exchange) will still be there and continue to hurt the Russian economy.

Not looking so good, Putin. As tRump would say, what would you, as a world class leader, do now? I know already what tRump would do, he would have been already in the basement bunker by now, and mumbling about this or that, nothing which has to do w/ the current situation since he's so much mentally out of it. His drugs of choice must be of poorer quality.

[L. Coyote]

17. Russia is less than 2% of the global economy, smaller than Italy, only 2/3rds that of California.

Different story if the comparison is oil and gas production.

[SWBTATTReg]

18. Thanks! I love this 'Pie' chart!! NT

[notinkansas]

21. Off the wall.

Will FSB guys in trenchcoats be walking the streets trying to sell the watches in order to fund their war effort?

Wacko. I should probably try to get more sleep. The mind tends to wander after all the nonstop bad news out there.

[BlueIdaho]

22. You can't run an economy on stolen watches...

I guess those sanctions are really starting to hurt.

[L. Coyote]

23. Truly a pathetic and farcical moment in history. Albeit, there's nothing risible about a war.

What's next, banning French fries?

[FailureToCommunicate]

24. Maybe all those stolen watches will help Putin realize it's TIME to pull out

of Ukraine.

Or way past time.

[L. Coyote]

25. Perfect Christmas presents for sanctioned oligarchs.

Putin can add hand-written notes, "Sorry you lost your yacht and jet."

[FailureToCommunicate]

26. "I helped Putin loot Russia, and all I got was this flashy watch."

[L. Coyote]

27. LOL.

[Akoto]

29. Good grief. The word is stole. Russia *stole* millions in watches like bullies.

[Akoto]

30. On the value of these watches...

Some are asking why they'd take the watches. I had a think about that...

The worth as given is a little under $1m USD each. Impossible to know the total value because we are only told that 'millions' in watches were stolen in the raid. I assume, given it made the news, that it may have been a warehouse or something.

Naturally, part of the value is the brand name and the craftsmanship. However, looking at the watches, they would also be quite valuable for what they're made of. If you had a pile of them, you could break them down for gold and silver (among other precious metals), and it looks like some are encrusted in diamonds or other gemstones. Break one of these watches down, consolidate the materials used to make them, and you absolutely have some uses - selling being one, but others, too.

[mitch96]

31. "Russian agents have seized Audemars Piguet watches in Moscow" I think the term is bought.

The Swiss can just take the cost of the watches out of Putins billions to pay for them...
Putin looses..... again... What's he gonna do, pout?
m

[oasis]

34. Take those damn watches and shove'em up yer ass comrade Putin. nt

[jmowreader]

39. You know what we haven't seen?

A count of how many watches they took. At the quoted price of up to three-quarters of a million dollars per watch, it's completely possible the FSB made off with four watches - which would make all this "they stole MILLIONS OF DOLLARS WORTH OF WATCHES!!! OH NOES!!!" stuff look a bit silly.