Patek Philippe has confirmed it has stopped all exports to Russia.
A statement sent to WATCHPRO today says the luxury watchmaker is complying with a decision taken by Swiss and European authorities.
“As part of the measures taken by the Swiss Confederation and the European Union with regard to Russia, Patek Philippe has temporarily suspended all shipments to this country,” the statement says.
“Our policy will remain guided by the decisions of the Swiss Confederation and whether or not the sanctions currently in place will be maintained or lifted,” the statement concludes.
Patek Philippe does not say when the suspension began, but it is likely to have been in force since the early days of the Russian invasion of Ukraine when sanctions were imposed by the European Union and systems such as the SWIFT inter-bank payment system were suspended.
Rolex, Swatch Group, LVMH, Richemont, Breitling, Audemars Piguet, Richard Mille and other watch businesses have all confirmed they have suspended exports and closed their directly owned boutiques in Russia.
Many are represented by Mercury, which continues to trade but is unable to restock.
Mercury has 35 jewellery and watch boutiques in Moscow, seven in St Petersburg and five in Sochi representing Rolex, Patek Philippe, Chopard, Hublot, Breguet, Girard-Perregaux, Tudor, Zenith, Bell & Ross, Breitling, Blancpain, De Bethune, Urwerk, DeWitt, Greubel Forsey, Ulysse Nardin, TAG Heuer, Gucci and Channel.
