18.Jul .2022 20:00

Swedish Fashion H&M Retailer Quits Russia

Swedish Fashion H&M Retailer Quits Russia
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The Swedish clothing retailer H&M is the latest business to announce it will cease operations in Russia amid the Kremlin’s unprovoked full invasion of Ukraine.

"After careful consideration, we see it as impossible given the current situation to continue our business in Russia," H&M Group CEO Helena Helmersson said in a statement on July 18.

H&M had suspended sales in Russia in March.

Since Russia launched the invasion in February, several other multinational companies from fast-food pioneer McDonalds to home furnishings giant Ikea have exited Russia after announcing moves to sell their assets and sever partnerships with local businesses.

According to a count by Yale University in the United States, more than 1,000 foreign companies have quit Russia, RFE/RL reports.