Many Western companies have moved quickly to sever ties with Russia, abandoning a country that has served as a nice source of growth for the last two decades but become riddled with operational and reputational hazards due to the war on Ukraine
Nike, Apple, H&M and Ikea are part of the wave of Western brands that have said they're suspending operations in Russia.ant a new iPhone 11? A pair of Nike Air Max Dawns? An Ikea Kivik couch? For the 144 million people living in Russia, these are part of a growing list of imported goods that became unavailable practically overnight.
Dozens of other companies followed suit, and today, most global brands have some sort of presence there, from Starbucks to Marriott to Louis Vuitton. TJX, the parent company of T.J. Maxx and Marshalls, said it will divest its stake in Familia, a retailer with 400 stores in Russia, and pull two executives from the board"in support of the people of Ukraine." TJX paid $225 million for the stake in 2019.that “this moment calls for unity,” in explaining its decision to stop selling products in Russia. H&M, Dell, BMW and Ford have also paused operations.
Given the complexity and evolving nature of the sanctions, experts say that companies may opt to overcomply in an effort to reduce risk. “Many times you see companies that technically might be allowed to operate say that it’s just too much of a legal headache and they’re going to pull out,” said Ben Coates, a history professor at Wake Forest University who has studied economic sanctions.
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