Nike ‘leaves Russian market for good’ after Ukraine invasion

Global sportswear brand Nike has announced its permanent withdrawal from Russia. The move sees him distancing himself from the nation following his invasion of Ukraine earlier this year.

Like many retailers and companies, Nike initially pulled out of the state after the invasion – which President Vladimir Putin calls a “special military operation” – of Ukraine. There were local partners maintaining a Nike presence there, but that is also coming to an end.

Nike said in a statement emailed to Reuters: “Nike has made the decision to exit the Russian market. Our priority is to ensure that we fully support our employees as we responsibly scale back our operations over the coming months.”

Reuters claims that Nike derives less than 1% of its revenue from Ukraine and Russia combined. McDonald’s, Renault and Starbucks are other multinationals that have said they will leave the country altogether.

According to Reuters, Russia plans to pass new laws soon that would allow Moscow to seize assets and impose criminal sanctions on foreign companies seeking to leave Russia because of the war in Ukraine. Since the February 22, 2022 invasion, it is estimated that tens of thousands of civilians and soldiers have died.

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