Sportswear brand Nike has announced it is ceasing its operations in Russia, following the Russia-Ukraine conflict.
The company had previously temporarily suspended its business on March 3, to begin scaling down its operations in the country.
Nike have around 100 stores in Russia. In May, the firm would not renew an agreement with its biggest Russian retail franchisee, which managed 37 Nike stores.
The Russian and Ukrainian markets combined account for less than 1% of Nike's total revenue.
Nike marks the latest major Western brand to withdraw from Russia, due to its invasion of Ukraine. Following the likes of Google, IBM, Starbucks, Coca-Cola and McDonald's.
It is believed that some firms are concerned that Russia will introduce new regulations, allowing Moscow to confiscate assets and impose criminal penalties.
