Two retail giants IKEA and H&M temporarily suspend operations until the shop in Russia the aftermath of the Moscow invasion Ukraine.
IKEA said the war in Ukraine had a profound impact on the region’s supply chains. The world furniture giant has 17 stores in Russia.
Not only Russia, IKEA has also suspended operations in Belarus, which is an ally of Russia.
“This (the Ukraine conflict) has resulted in disruptions to supply chains and market conditions,” IKEA said in a statement CNN.
IKEA said 15,000 workers would be affected by the shutdown in Russia. The company, he said, would still pay the wages of its tens of thousands of employees for the short term.
“The group’s ambitions are long-term and we have secured employment and income stability for the near term and are providing support to them and their families in the region,” IKEA said.
IKEA also announced “an immediate contribution of € 20 million ($ 22 million) for humanitarian aid to those forced to flee as a result of the conflict in Ukraine.”
This was done by IKEA following up on the response to an emergency call from the United Nations High Commissioner for Refugees (UNHCR).
Meanwhile, IKEA’s parent company, Ingka Group, is one of the largest mall operators in Russia.
It is said that the “Mega” mall will continue to operate to provide food, clothing and goods to Russia.
In line with IKEA, major clothing retailer H&M Group (HNNMY) has decided to temporarily close all of its 168 stores in Russia.
“H&M Group cares about all colleagues and joins everyone around the world calling for peace,” the Swedish fashion retailer said in a statement.
“Clothes and other necessities were donated by the company.”
IKEA and H&M join many global companies, including Apple (AAPL), Disney (DIS) and Ford (F), which have suspended operations in Russia in protest of the invasion of Ukraine.
Ukraine continues to be under pressure following the increasingly frenzied Russian military onslaught on the eighth day of the invasion as of Thursday (3/3).
Russia has again attacked a number of Ukrainian cities, especially in the south of the former Soviet Union. President Vladimir Putin has even vowed to continue to carry out an uncompromising invasion of Ukraine despite the sanctions and boycotts that have increasingly isolated Russia.
Russia has so far also taken control of Kherson. Kherson is one of the important cities in Ukraine which plays a strategic role. This city is at the entrance of the Black Sea with a population of nearly 300 thousand inhabitants.
Russian troops are also increasingly besieging Mariupol in southern Ukraine. Ukrainian military officers said Mariupol’s condition had become increasingly critical due to the Russian attack and assisted by separatist troops from Donetsk since Wednesday (2/3).
Since the invasion took place on February 24, more than 300 Ukrainian civilians have been killed as a result of Russian attacks in various cities in the ex-Soviet country.