Ikea closes stores in Russia following sanctions imposed after invasion in Ukraine

Record ID: 1662152

  • Title: Ikea closes stores in Russia following sanctions imposed after invasion in Ukraine
  • Date: 3rd March 2022
  • Summary: MOSCOW, RUSSIA (MARCH 3, 2022) (REUTERS) PEOPLE QUEUING IN FRONT OF THE IKEA STORE IKEA LOGO ABOVE STORE ENTRANCE WOMEN WITH IKEA BAGS LEAVING THE STORE, PEOPLE QUEUING IKEA CUSTOMERS SHOPPING CUSTOMERS QUEUING BY INFORMATION STAND CUSTOMERS WALKING IN STORE SHELVES WITH LAMPS ROSTOV-ON-DON (MARCH 3, 2022) (REUTERS) EXTERIOR OF IKEA STORE IKEA LOGO CUSTOMERS IN STORE WOMAN
  • Embargoed: 17th March 2022 19:53
  • Keywords: Ikea Russia Ukraine crisis sanctions
  • Location: MOSCOW AND ROSTOV-ON-DON, RUSSIA
  • City: MOSCOW AND ROSTOV-ON-DON, RUSSIA
  • Country: Russia
  • Topics: Europe,Government/Politics
  • Reuters ID: LVA001190403032022RP1
  • Aspect Ratio: 16:9
  • Story Text:Homeware company IKEA announced the shutdown of stores in Russia on Thursday (March 3) following sanctions imposed after the invasion of Ukraine.
    The world's biggest furniture brand is closing its stores in Russia and pausing all sourcing in the country and ally Belarus.
    It joins a wave of Western firms curbing business with Russia since the conflict started on February 24.
    Hundreds of Moscow and Rostov-on-Don residents went shopping at their local branches on the final trading day for the foreseeable future.
    Manicurist Viktoria Voloshina told Reuters she had planned to make a number of purchases in April but brought her trip forward following the news.
    So busy were the stores that fellow shopper Alexandr Konstantinov said many items were sold out and he was unable to buy everything he wanted.
    IKEA's announcement said it would suspend all exports and imports from Russia and Belarus for at least three months from Friday (March 4).
    Western sanctions, including shutting out some Russian banks from the SWIFT global financial network, new export controls, and closure of air space, have led dozens of global companies to pause operations in the country, hammered the rouble, and forced the central bank to jack up interest rates.
    Hundreds of Russian soldiers and Ukrainian civilians have been killed, and more than one million people have fled Ukraine in the week since President Vladimir Putin ordered the attack.
    Russia calls its actions in Ukraine a "special operation" that it says is not designed to occupy territory but to destroy its southern neighbour's military capabilities and capture what it regards as dangerous nationalists.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2022. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register