As Western sanctions against Russia, which invaded Ukraine, continue, major global companies follow suit to withdraw from Russia.
According to the Wall Street Journal (WSJ) on the 3rd (local time), Nike announced that it would temporarily close its stores in Russia from that day after stopping selling online products in Russia. There are 116 Nike stores in Russia. In addition, the Nike Foundation has decided to donate $1 million to UNICEF and others to support Ukraine’s humanitarian relief efforts.
The parent company of T.J.Max in the U.S. will also withdraw its investment in Russian retailer Familia. Familia operates more than 400 stores in Russia and was originally considering IPO in the U.S. stock market this year. TJmax said it had a 25% stake in Familia but would sell it as losses were inevitable due to the fall in the Russian rubles.
Sweden’s IKEA has decided to close 17 stores in Russia and suspend imports and exports to Russia and Belarus. In a statement, IKEA repeatedly condemned Russia’s invasion of Ukraine, saying, “War has a huge impact on humans.”
At the same time, Volkswagen Group in Germany also decided to stop the production and manufacturing process of all vehicles at its Russian plant, following the moves of global automobile brands. WSJ said, “This decision affects brands such as Volkswagen, Skoda, Audi, Porsche, and Bentley (in the group), adding, “We will also stop exporting to Russia.” Last year, the Volkswagen brand delivered 216,000 vehicles to Russian customers, about 2.4% of global Volkswagen brand sales.
In addition, CD Project, famous as the parent company of Cyberpunk 2077 developers, also condemned Russia’s invasion of neighboring Ukraine and announced that it would “stop all sales of Russia and Belarus.
Major foreign media predicted that more global companies will participate in the move to de-Russia in the future.
