Global Companies Continue Exiting Russia... Nike and IKEA Store Closures

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] As Western sanctions against Russia, which invaded Ukraine, continue, major global companies are also expanding their moves to withdraw from Russia.

According to the Wall Street Journal (WSJ) and others on the 3rd (local time), Nike announced that it will temporarily close its stores in Russia starting from this day, following the earlier suspension of online product sales within Russia. There are 116 Nike stores in Russia. In addition, the Nike Foundation decided to donate $1 million to UNICEF and others to support humanitarian relief activities in Ukraine.

The parent company of the American TJ Maxx is also withdrawing its investment in the Russian retailer Familia. Familia operates about 400 stores in Russia and was originally considering an initial public offering (IPO) on the U.S. stock market this year. TJ Maxx held about 25% of Familia's shares but announced it would sell them as losses are inevitable due to the decline of the Russian ruble.

Swedish IKEA decided to close 17 stores in Russia and suspend exports and imports to and from Russia and Belarus. IKEA stated in a press release, "War has a tremendous impact on humanity," reiterating its condemnation of Russia's invasion of Ukraine.

Along with this, the German Volkswagen Group also decided to halt the production and manufacturing processes of all vehicles at its Russian plants, following the footsteps of global automobile brands. WSJ reported, "This decision affects brands within the group such as Volkswagen, ?koda, Audi, Porsche, and Bentley," and "Exports to Russia will also be suspended." Last year, Volkswagen brand delivered 216,000 vehicles to Russian customers, accounting for about 2.4% of the global Volkswagen brand sales.

Additionally, CD Projekt, known as the parent company of the developer of 'Cyberpunk 2077,' condemned Russia's invasion of neighboring Ukraine and announced, "We will suspend all sales to Russia and Belarus."

Major foreign media expect that more global companies will join the movement to withdraw from Russia in the future.

This content was produced with the assistance of AI translation services.