Russia seizes premium Swiss watches amid sanctions: Report

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According to reports, Russian officials have seized millions of dollars worth of Swiss watches as part of retaliation against Swiss sanctions.

Swiss media reported that premium Audemars Piguet watches were seized by Russia's Federal Security Service (FSB).

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The Swiss government had declared to freezeRussian assets worth $6.2 billion as part of sanctions against Putin's regime. The Swiss government has also reportedly asked its banks to report individuals and companies linked to Russia.

Switzerland's ministry said it had frozen the assets but had not confiscated the property of Russians.

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Swiss President Ignazio Cassis had called the Russian invasion against Ukraine a "devastating madness" as the country decided to impose similar sanctions as the EU despite Switzerland's neutral status within Europe.

The Swiss president however conceded that there would be "sustained and significant inflation and rising energy prices" as he prepared the country for the consequences arising out of the Ukraine war.

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The Swiss government had earlier decided not to grant "any requests to fly over Swiss territory from the parties in the conflict" however the move did not involve humanitarian or medical flights.

The government reiterated that the implementation of sanctions was "compatible with Switzerland's neutrality" despite rumblings from some domestic groups over its stand.

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The Swiss government also blocked the export of goods and other related services for the Russian energy sector. "Also prohibited is the participation in businesses active in the energy sector and the provision of loans or other financial resources to such businesses," it said.

The move was in line with EU sanctions as the Swiss government said all measures contained in the EU's fourth package of sanctions have been implemented.

(With inputs from Agencies)