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• Western companies are accelerating their departure from Russia after reports of Moscow’s new law surfaced
Cisco Systems Inc (NASDAQ: CSCO) and Nike Inc (NYSE: NKE) will wind down their businesses in Russia, the two companies have told Reuters on Thursday.
The news follows as the pace of western companies departing Russia is accelerating.
Telecoms equipment manufacturing giant Cisco will also fully exit from Belarus after the company stopped its business operations, including sales and services, in the region in March.
Sportswear maker Nike has also suspended its operations since Russia invaded Ukraine.
Cisco and Nike joined other companies like the US burger chain McDonald’s Corp (NYSE: MCD) and French carmaker Renault, which have previously announced plans to leave the country.
Last month, McDonald’s sold its Russian operation to Alexander Govor, a local licensee, making it the biggest exit by a global brand after operating for more than three decades.
Western companies are seeking to exit Russia with the prospect of new laws being passed in the coming weeks allowing Moscow to seize assets of foreign firms and impose criminal penalties, encouraging some businesses to accelerate their departure plans.
Picture Crtedit: Yahoo finance
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