Swatch Group suspends retail operations in Russia

By Ovunc Kutlu

ANKARA (AA) - Swiss watchmaker Swatch Group said it is suspending all its retail operations in Russia, joining a number of businesses that have halted operations in the country following its war on Ukraine.

"Please be informed that Swatch Group has temporarily suspended the operations of its stores in Russia due to the increasing complexity and difficulty of the situation," the company said in a brief statement sent to Anadolu Agency via email on Wednesday.

The group owns the Swatch product line and other luxury brands including Omega, Longines, Tissot, Hamilton, and Rado.

Last week, the watchmaker had said it was halting exports to Russia but would continue operating stores in the country.

Russia's war on Ukraine, which began on Feb. 24, has drawn international condemnation and reacting to the outcry a number of global companies have temporarily severed business ties with Moscow.

Otherwise neutral, Switzerland has taken a clear position against Russia and has adopted sanctions imposed by the EU. The 27-member bloc has targeted Russian leaders, its state-owned companies and media, and the banking sector.