Nike to make full exit from Russia in response to Moscow's actions in Ukraine

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow's actions in Ukraine, adding that those still open were operated by independent partners.

Nike to make full exit from Russia in response to Moscow's actions in Ukraine

Nike (NKE.N) is making a full exit from Russia three months after suspending its operations there, the U.S. sportswear maker told Reuters on Thursday, as the pace of Western companies leaving the country accelerates.

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow's actions in Ukraine, adding that those still open were operated by independent partners.

On Thursday, it joined other major Western brands, like McDonald's and Renault, in confirming it will leave the country completely.

"Nike has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months," Nike said in an emailed statement.

Foreign companies seeking to exit Russia over the war in Ukraine face the prospect of new laws being passed in the coming weeks allowing Moscow to seize assets and impose criminal penalties. That has encouraged some businesses to accelerate their departure.

"What was a trickle is becoming a torrent (of Western companies exiting Russia)", said Paul Musgrave, a political science professor at the University of Massachusetts.

Other sportswear makers have also been pulling back.

Live Tv

Trending news