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| Nike latest brand to leave Russia permanently | |
| (32 minutes later) | |
| Nike has announced plans to leave Russia, becoming the latest Western brand to quit the country since the invasion of Ukraine in February. | Nike has announced plans to leave Russia, becoming the latest Western brand to quit the country since the invasion of Ukraine in February. |
| The US sportswear giant halted online orders and closed the stores it owned in the country in March. | The US sportswear giant halted online orders and closed the stores it owned in the country in March. |
| Shops run by local partners continued to operate, but the firm is winding down those agreements. | Shops run by local partners continued to operate, but the firm is winding down those agreements. |
| Networking giant Cisco also said it would start to fully wind down operations in Russia and Belarus. | Networking giant Cisco also said it would start to fully wind down operations in Russia and Belarus. |
| Other companies that have finalised plans to leave in recent weeks include McDonald's and Starbucks. | Other companies that have finalised plans to leave in recent weeks include McDonald's and Starbucks. |
| "Nike has made the decision to leave the Russian marketplace," the company said in a statement. "Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months." | "Nike has made the decision to leave the Russian marketplace," the company said in a statement. "Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months." |
| Russia has grown increasingly economically isolated since the invasion, as the West and allies impose sanctions and international companies head for the exits. | Russia has grown increasingly economically isolated since the invasion, as the West and allies impose sanctions and international companies head for the exits. |
| The country is now working on legislation that would punish foreign companies seeking to leave, allowing the government to seize their assets and impose criminal penalties, according to Reuters. | The country is now working on legislation that would punish foreign companies seeking to leave, allowing the government to seize their assets and impose criminal penalties, according to Reuters. |
| What sanctions are being imposed on Russia over Ukraine invasion? | What sanctions are being imposed on Russia over Ukraine invasion? |
| Russia unveils 'tasty' McDonald's substitute | Russia unveils 'tasty' McDonald's substitute |
| Nike has more than 50 stores in Russia, about a third of which are closed, according to its website. | Nike has more than 50 stores in Russia, about a third of which are closed, according to its website. |
| In May, Russian media reported that the company was ending its agreement with its largest franchisee in Russia, responsible for 37 stores. | In May, Russian media reported that the company was ending its agreement with its largest franchisee in Russia, responsible for 37 stores. |
| Nike had previously disclosed that Russia and Ukraine together accounted for less than 1% of the company's revenue. | Nike had previously disclosed that Russia and Ukraine together accounted for less than 1% of the company's revenue. |
| Cisco said on Thursday that it had "made the decision to begin an orderly wind-down of our business in Russia and Belarus". | Cisco said on Thursday that it had "made the decision to begin an orderly wind-down of our business in Russia and Belarus". |
| This decision will affect a few hundred employees, the US company said, adding that it wanted to ensure they are "treated with respect". | This decision will affect a few hundred employees, the US company said, adding that it wanted to ensure they are "treated with respect". |
| "Cisco remains committed to using all its resources to help our employees, the institutions and people of Ukraine, and our customers and partners during this challenging time," a spokesperson for the firm said. | "Cisco remains committed to using all its resources to help our employees, the institutions and people of Ukraine, and our customers and partners during this challenging time," a spokesperson for the firm said. |
| The networking giant had already stopped business operations, including sales and services, in the region in March, taking a $200m (£160m) hit to third quarter revenues. | The networking giant had already stopped business operations, including sales and services, in the region in March, taking a $200m (£160m) hit to third quarter revenues. |