Swedish furniture store Ikea has joined a host of other brands in closing all of its stores in Russia.
The world’s biggest furniture brand has also paused sourcing materials from Russia and Belarus.
Brand owner Inter IKEA and store owner Ingka Group said in a joint statement on Thursday: “The war has both a huge human impact and is resulting in serious disruptions to supply chain and trading conditions, which is why the company groups have decided to temporarily pause IKEA operations in Russia.”
Inter Ikea is in charge of supply, while most Ikea stores are owned by Ingka Group, including its 17 stores in Russia.
In the year through to August 2021, Russia was Ikea’s 10th biggest market in retail sales, making up 4% – or €1.8bn (£1.5bn) worth – of its trade.
While there are no Ikea stores in Belarus, it is used to source materials.
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Ikea joins major retailers who have cut Russian operations
On Wednesday, another Swedish retail giant, H&M, and UK online fashion retailer ASOS paused sales in Russia.
H&M, the world’s second-largest clothing retailer, has also temporarily closed all its Ukraine branches due to safety concerns.
Key developments in the Ukraine crisis:
• One million people have now fled Ukraine, says UN refugee commissioner
• Russia says 498 of its soldiers have been killed and 1,597 wounded
• Paralympic bosses make U-turn and ban Russian and Belarusian athletes
• Five children among those detained in Moscow for laying flowers at Ukraine embassy
• International Criminal Court opens investigation into possible war crimes
• A second round of talks between Russia and Ukraine is expected later
Apple has paused all product sales in Russia, stopped Apple Pay and removed state-backed news outlets RT and Sputnik from its Appstore outside Russia.
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Burberry, Boohoo, Netflix, Mercedes-Benz Group, Ford and BMW have all suspended trading in Russia.
Film studios Warner Brothers, Disney and Sony have also pulled major films from Russia, including the new Batman film and Marvel’s Moribus.
Read more:
What sanctions are different countries around the world imposing on Russia
Putin’s ‘mistakes’, Zelenskyy’s ‘heroism’ and the West’s reaction – key takeaways from the first week
How can you help Ukraine? British charities launch fundraising appeal for refugees
Abramovich confirms he will sell Chelsea – with all ‘net proceeds’ to benefit victims of Ukraine war
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