(RTTNews) – Nike Inc. has announced plans to exit the Russian market altogether after Russia’s ongoing war with Ukraine, according to reports. The sportswear major, which has more than 100 stores in the country, had suspended its activities there in March.
Earlier in March, while temporarily suspending operations, the company told customers it could not guarantee product shipments. In May, Nike said it would not renew an agreement with its largest Russian franchisee and would not make any new business commitments.
A new law expected in Russia could allow the government to seize the assets of foreign companies seeking to leave the country and impose criminal penalties on them.
The technology company Cisco also plans to withdraw from the Russian market and Belarus. The telecoms equipment maker had suspended its business activities, including sales and services, in Russia in March.
Nike and Cisco have joined the long list of companies suspending or withdrawing their Russian operations due to the ongoing conflict between Russia and Ukraine. These include McDonald’s Corp., Starbucks Corp. and HP Inc, among others, which exited the Russian market citing the humanitarian crisis caused by the war in Ukraine, as well as the unpredictable operating environment.
Netflix, the popular video streaming service, announced in March that it was closing all of its operations in Russia. International Business Machines Corp. also reduced its activities.
Tech majors Apple Inc. and Microsoft Corp. also suspended all sales and services in Russia, while payment companies Visa Inc. and Mastercard Inc. decided to cease all transactions in the country.
Earlier, TikTok, a video-focused social networking service with a billion users worldwide, earlier decided to suspend live streaming in Russia and new content from the video service.
Outside the United States, Henkel, Nokia, Holcim, Philip Morris International and Marsh McLennan joined the list of companies in liquidation in Russia.
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