Swatch Group, the producer of luxury Swiss watch brands including Omega and Blancpain, said it has suspended retail operations in Russia.

The move comes after the watchmaker said last week that it would continue operating stores in Russia, while halting exports to that country. It underscores the difficulty luxury brands are having operating in Russia following its invasion of Ukraine and sanctions imposed by the US, Europe and Switzerland.

Swatch’s suspension of Russian activities follows similar moves by rival Richemont and closely held Audemars Piguet.

The company said it would retain its staff in Russia in hopes the situation would improve.

“We are very loyal to all our employees worldwide, even in difficult times, and we continue to keep them on board, hoping for better times,” a spokesman said in a statement.

By Andy Hoffman

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