By Silke Koltrowitz ZURICH (Reuters) - Swiss watchmaker Swatch Group does not expect a material negative impact on its sales or regarding access to raw materials following Russia's invasion of Ukraine, its Chief Executive said on Thursday. Nick Hayek said Russia accounted for around 1% of group sales and it didn't source any gold from the country that has been hit by western sanctions. The company's cheaper Tissot and Swatch labels were its biggest brands in Russia, showing its business there was "not only oligarchs," he told a press conference on its already announced annual results. "We have no sources (of) gold in Russia," Hayek said. "The other precious materials, we also have a lot of stock and multi sourcing ... so for the Swatch Group, we see no impact, except for prices that will maybe go up over the mid or long term." "We are shocked about the situation, it's only been three weeks," Hayek said. "We should all take three deep breaths and hope a solution will be found."