Swatch group halts exports to Russia but keeps stores open

Swatch Group AG is halting exports to Russia but will keep its stores open to continue selling Omega, Longines and Tissot watches to Russian customers.

“We have put exports to Russia on hold because of the overall difficult situation,” a company spokesman said in an emailed statement. The company’s fully owned Russian affiliate and Russian stores remain operational.

Luxury jewelry and watchmakers have continued to do business in Russia even as brands like Nike Inc. and Apple Inc. halt sales in response to the invasion of Ukraine. Some luxury brands including LVMH-owned Bulgari have seen a rise in Russian sales as people purchase watches and jewelry in a bid to preserve wealth as the value of the ruble has plummeted.

Swatch’s Russian export halt was first reported by WatchPro, a trade publication.