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Following the invasion of Ukraine by Russia, card payment giants, Visa and Mastercard, announced at the weekend the suspension of operations in the country. The suspension of the operations of the duo is the latest in major US firms to have joined a business freeze on Moscow over the invasion of its neighbour, Ukraine. Visa and Mastercard’s announcements came hours after PayPal also halted its services in Russia. In a statement announcing the move, Mastercard said: “Noting the unprecedented nature of the current conflict and the uncertain economic environment, we have decided to suspend our network services in Russia. READ ALSO : GTBank joins others, suspends use of mastercard for online transaction “Our colleagues, our customers and our partners have been affected in ways that most of us could not imagine”, Mastercard said, stating that its cards issued by Russian banks would no longer be supported by the company’s network. On its part, Visa said that “effective immediately” it would “work with its clients and partners within Russia to cease all Visa transactions over the coming days.” Visa similarly added that cards issued in Russia would no longer work outside the country.

Amidst a boycott of Russia by several international corporations, Russian president Vladimir Putin threatened the existence of Ukrainian statehood yesterday. “The current (Ukrainian) authorities must understand that if they continue to do what they are doing, they are putting in question the future of Ukrainian statehood”. The most recent high profile boycott of Russia involves Mastercard and Visa suspending operations in the country. Perhaps the most high profile boycott is FIFA banning Russia from qualifying for the World Cup. But several other corporations have also halted operations in the country. This includes luxury brands LVMH, Hermes, and Chanel. Putin also […] The story Amidst boycott of Russia, Putin threatens Ukrainian statehood as seen on Thaiger News .

The companies join a growing list of retailers across the US and Europe who are ceasing business with Russia after the country''s invasion of Ukraine.

Russia said it would block Facebook for excluding state media and CNN said it would stop broadcasting in Russia after a new law punishing “fake news” raised the stakes in Moscow’s fight with foreign corporation. Friday marked an escalation in the dispute that began after the invasion of Ukraine. Russia blocked a wave of media […]

PARIS, March 5 ― French luxury giants LVMH, Hermes and Chanel have decided to temporarily close their shops in Russia, which invaded Ukraine on February 24, the firms announced yesterday. Hermes group runs three stores in Russia, including one in…

Chanel, LVMH and Hermes announced on Friday they would temporarily suspend sales in the country.

Russia said it would block Facebook for excluding state media and CNN said it would stop broadcasting in Russia after a new law punishing “fake news” raised the stakes in Moscow’s fight with foreign corporation. Friday marked an escalation in the dispute that began after the invasion of Ukraine. Russia blocked a wave of media […]

Russia said it would block Facebook for excluding state media and CNN said it would stop broadcasting in Russia after a new law punishing "fake news" raised the stakes in Moscow''s fight with foreign corporation.

The French brands join other Western companies in pausing retail operations as the Russian invasion of Ukraine escalates.

French luxury group LVMH will "temporarily" close its 124 stores in Russia from Sunday, a group spokesperson told Reuters on Friday.

Drapers LVMH donates Ukraine aid Luxury group LVMH, whose brands include Dior, Celine and Louis Vuitton, has made its "first emergency donation" of €5m (£4.13m) to the International Committee of the Red Cross. The post LVMH donates Ukraine aid appeared first on Drapers .

LVMH, the owner of Louis Vuitton and Dior, has pledged €5 million (S$7.5 million) to the crisis while Kering, owner of Gucci, Balenciaga and Bottega Veneta said it would be making a “significant donation”.

Rich Russians Scramble To Buy Luxury Goods As Ruble Plunges; Burberry ''Pauses'' All Shipments Wealthy Russians are scrambling to buy luxury goods to preserve their wealth, as worldwide sanctions in response to the invasion of Ukraine has sent the Ruble plunging in recent days. According to Bulgari SpA CEO Jean-Christophe Babin, sales in Russian stores has risen in the last few days after international financial sanctions sharply restricted the movement of cash, Bloomberg reports. "I n the short term it has probably boosted the business ," he said in an interview with the outlet, describing the company''s jewelry as a "safe investment." "How long it will last it is difficult to say, because indeed with the SWIFT measures, fully implemented, it might make it difficult if not impossible to export to Russia ," Babin added, referring to Russia''s ouster from the SWIFT financial-messaging system. And while many consumer brands ranging from Apple to Nike, and several energy giants such as BP, Shell and Exxon have announced a pullout from Russia , luxury brands have thus far attempted to continue operating in the country with the exception of Burberry - which has now ''paused'' all shipments to Russia.

A Louis Vuitton suitcase and two high-value watches were stolen, police say.

Cartier filed a suit against Tiffany & Co. on Monday over claims that its rival stole trade secrets about a high-end product line by hiring one of its former employees.