According to the Swiss government, the ban will come into effect in a few days. The new measures come on top of previous sanctions the country has taken against Russia, such as the freezing of Russian assets and other financial restrictions. The European Union has also already restricted the export of luxury goods to Russia.
Incidentally, Russia is only a relatively limited export market when it comes to Swiss timepieces. Last year, Russia was the seventh largest export market, worth around €250 million, according to the Swiss Watch Manufacturers’ Association.