Intel "All Russia-related businesses suspended"... Chanel blocks overseas purchases by Russians

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] American semiconductor company Intel has announced that it will suspend all business related to Russia. Chanel also expressed its intention to actively participate in sanctions by blocking overseas purchases by Russians. As more companies join the sanctions against Russia, Russia's international isolation is expected to deepen further.

According to CNBC on the 5th (local time), Intel stated in a press release, "We condemn Russia's invasion of Ukraine together with the international community and urge a swift return to peace," adding, "We will suspend all business related to Russia and are taking measures to strengthen business continuity to minimize disruptions to our global operations due to this action."

Earlier last month, Intel had already stopped supplying semiconductor products to Russia and Belarus. With this official statement, a complete withdrawal from business in Russia is anticipated, going beyond a temporary suspension of product supply.

French luxury brand Chanel also announced that, following the suspension of its operations in Russia, it will block overseas purchases by Russians. According to Bloomberg News, Chanel declared that it has decided not to sell products priced over 300 euros (approximately 400,000 KRW) to consumers attempting to purchase Chanel products for import into Russia.

Chanel stated, "We have established a procedure to verify that Chanel products purchased by customers whose residence is unknown are not used within Russia," adding, "We are working to improve related procedures as some customers have expressed disappointment." Bloomberg reported that this measure is in accordance with EU sanctions prohibiting the export of luxury goods priced over 300 euros to Russia for EU companies.

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