business in Russia

Marks & Spencer pulls out of Russia

Marks & Spencer pulls out of Russia

Marks & Spencer says it will fully exit the Russian market, BBC News reported. The retail giant stopped shipments to Russia in March but previously said complex franchise deals prevented it from withdrawing completely, with …

Nike leaving Russian market

Nike leaving Russian market

 U.S. sportswear maker Nike has not renewed agreements with its largest franchisee in Russia, the Vedomosti daily reported on Wednesday. Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and …

Russia replaces Western brands with Turkish ones

Russia replaces Western brands with Turkish ones

Turkish companies may have 3 million square meters of vacant space after some brands left Russia's market, president of the Russian Council of shopping centers Dmitry Moskalenko said. "We are entering a new phase of …

McDonald’s says it will sell its Russia business

McDonald’s says it will sell its Russia business

McDonald's Corp said on Monday it has started a process to sell all its restaurants in Russia, exiting the country after more than 30 years. The world's largest fast food chain had in March decided to close its 847 …

Reebok sells its business in Russia to Turkish retailer

Reebok sells its business in Russia to Turkish retailer

Turkey's online shoe store FLO and an American fitness footwear and clothing manufacturer Reebok have signed a cooperation deal: the new owner now has 100 Reebok stores in Russia. The Russian-Turkish deal's three …

Siemens to leave Russia, take hefty charge

Siemens to leave Russia, take hefty charge

Siemens will quit the Russian market, it said on Thursday, taking a 600 million euro ($630 million) hit to its business during the second quarter, with more costs to come. During the second quarter Siemens incurred 600 million euros in …

Emerson Electric to exit Russia

Emerson Electric to exit Russia

Emerson Electric Co raised its forecast for adjusted annual profit on Wednesday, as the diversified U.S manufacturer benefits from companies revamping their assembly lines with automation equipment to offset a labor shortage. …

IKEA may resume work in Russia by autumn

IKEA may resume work in Russia by autumn

The Swedish company IKEA has extended the suspension of its stores in Russia until August 31, 2022, due to logistics problems. The public of the IKEA workers' union on the social network Vkontakte reads that the company cannot …

Uzbek boots to enter Russian market

Uzbek boots to enter Russian market

The Russian brand SOL intends to import shoes from Uzbekistan, including children's, elite and sports shoes, Uzcharmsanoat reports. The corresponding negotiations took place in Tashkent. The parties discussed issues of further …

Visa loses $60 mln after suspending operations in Russia

Visa loses $60 mln after suspending operations in Russia

Visa suffered a loss of $60 million due to the suspension of operations in Russia. This according to the data contained in the payment system’s quarterly report, published on Tuesday. "Current year’s results included …

Zara denies opening of its stores in Russia

Zara denies opening of its stores in Russia

Clothing brand Zara will not open its stores in Russia on April 30, 2022. This was reported by of the company's representatives. Earlier today, the Zara website reported that stores would be open in Russia from April 30. …

OBI stores reopen in Russia

OBI stores reopen in Russia

The chain hypermarkets for repairs and cottages OBI resume its work from April 27. On April 27, the Moscow OBI store Khodynskoye Pole will be the first to open its doors. In St. Petersburg the stores of the …

Finland's Stora Enso divests two sawmills in Russia

Finland's Stora Enso divests two sawmills in Russia

Finland’s Stora Enso has entered into an agreement to divest its two sawmills and their forest operations in Russia to local management, the group said on Monday. “Stora Enso’s assessment is that due to the …

Toshiba no longer accepts orders from Russian partners

Toshiba no longer accepts orders from Russian partners

Japanese electronics manufacturer Toshiba announced on its website on Wednesday it was suspending all investment in Russia and will no longer accept orders from Russian partners. The company cited the Russian special military operation …

Russia to enter structural transformation period in Q2, early Q3

Russia to enter structural transformation period in Q2, early Q3

The Russian economy still has reserves, though they will end, Central Bank Governor Elvira Nabiullina said addressing the State Duma (lower house) on Monday, adding that the country is expected to enter the period of structural transformation in …

Lush to close one third of its stores in Russia

Lush to close one third of its stores in Russia

Lush cosmetics chain will have to close 17 out of 48 stores in Russia. This was announced by the xhain's owner Dmitry Azarov. According to him, 200 out of 500 employees will be laid off. Azarov explained that such a …

EPAM Systems begins process of exiting operations in Russia

EPAM Systems begins process of exiting operations in Russia

EPAM Systems Inc. is pulling out of Russia, citing the country's invasion of Ukraine. The technology company, which had previously said it was discontinuing service to customers in Russia, on Thursday said it had began the process …

Intel suspends all business operations in Russia

Intel suspends all business operations in Russia

U.S. chipmaker Intel suspends all business operations in Russia over the situation in Ukraine, the company’s press service said in a statement. The company said it was working to support its 1,200 employees in Russia. In …