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Wealthy Russians shop for luxury goods as financial hedge

Fortune 03/03/2022

Wealthy Russians are buying luxury watches and jewelry in an attempt to hold onto their savings outside the reach of international sanctions against their country. Bulgari has seen sales jump since Russia’s invasion of Ukraine. “In the short term it has probably boosted the business,” said Jean-Christophe Babin, Bulgari CEO. “How long it will last it is difficult to say, because indeed with the SWIFT measures, fully implemented, it might make it difficult if not impossible to export to Russia.”

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