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The firm joins other brands including Asos, Nike, Chanel and Gucci in ceasing trade in Russia

The rise in commodities prices from the Russia-Ukraine conflict will hurt sales for the retailer, and the broader sports and apparel sector.

Value of country’s fakes tripled from 2019 to 2020 as it became main source of counterfeit designer clothes stopped at EU borders Photos of fake Gucci bags, Louis Vuitton sweatpants and Nike sneakers are flaunted on the social media accounts of a Turkish store with more than 155,000 followers on TikTok. There are thousands of comments under the posts in English, Italian, Bulgarian, Polish, German, Spanish and French. Turkey is the third biggest exporter of counterfeit products to the EU after China and Hong Kong, according to data on the value of goods seized. Falls in the value of the Turkish lira and the deterioration of the Turkish economy are further fuelling demand as such items become cheaper to traders buying in euros. Continue reading…

The moves follow a number of other Western companies including Nike, Ikea, and Hermes, which closed shops or offices or ceased operations as trade restrictions and supply constraints added to pressure to stop business in Russia.

Microsoft announced it suspended new sales in Russia in order to further aid Ukraine in the war. Apple, Nike and other companies have cut ties also.

The tech exodus from Russia ramped up today, as Microsoft halted all new product and services sales inside the country because of the invasion of Ukraine. Apple did much the same thing earlier in the week. “Like the rest of the world, we are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unjustified, unprovoked and unlawful invasion by Russia,” Microsoft President Brad Smith said in a blog post . Microsoft is just the latest in a line of Western companies to suspend sales in protest of Russia’s invasion of Ukraine. Nike and Dell Technologies have suspended sales inside Russia, as have SAP and Oracle . On Tuesday, Apple confirmed it had stopped selling its products in Russia. On Apple’s Russia store , all products are listed as “unavailable” for purchase or delivery in the country. To read this article in full, please click here

Software giant Microsoft announced Friday that it is suspending “all new sales of Microsoft products and services in Russia” over that country’s invasion of Ukraine. “Like the rest of the world, we are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unjustified, unprovoked and unlawful invasion by Russia,” the company said in a statement. The company added that it was ‘stopping many aspects of our business in Russia in compliance with governmental sanctions decisions.’ Many companies have announced they are ending or limiting their activity in Russia. Some companies include Apple, Nike and Dell Technologies. Microsoft added that it will continue to work with Ukraine to protect the country from Russian cyberattacks, noting it already had during an attack on a “major Ukrainian broadcaster.” “Since the war began, we have acted against Russian positioning, destructive or disruptive measures against more than 20 Ukrainian government, IT and financial sector organizations,” Microsoft said. “We have also acted against cyberattacks targeting several additional civilian sites.

From sanctions on media broadcasts, sports, business to technology, several nations demonstrated solidarity with Ukraine, in response to the Russian offensive that began February 24. Nearly 368,000 refugees have fled fighting in Ukraine for neighboring countries, including Poland, Romania, and the number “continues to rise,” according to the United Nations High Commissioner for Refugees (UNHCR)’s recent data. Media YouTube banned the broadcasts on March 1 of Russian state-controlled media RT and Sputnik across Europe, according to German Press Agency DPA. This move came after RT and Sputnik faced frequent criticism in Western Europe for serving as Kremlin propaganda outlets. “Due to the ongoing conflict in Ukraine, we are blocking YouTube channels linked to RT and Sputnik in Europe with immediate effect,” Youtube’s spokesperson said, according to the same source. Sports The International Federation of Football Association ( FIFA ) announced on February 27 several measures against Russia, including the ban of the Russian flag and anthem for the upcoming sporting events, mainly the 2022 FIFA Qatar World Cup.

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British food and clothing retailer Marks & Spencer has suspended shipments to its Turkish franchisee''s Russian business following Russia''s invasion of Ukraine, it said on Thursday. FiBA Group has worked in partnership with the UK retailer since 1999. It operates 48 M&S stores in Russia and 10 in Ukraine as well as stores in Turkey. Suspended Sales On Wednesday, British online fashion retailers ASOS and Boohoo said they had suspended sales in Russia, joining a growing list of companies shunning the country. M&S said it was building on its existing support for UNICEF UK''s Ukraine appeal with a £1.5 million ($2.0 million package of aid). Other Retailers Response Sneaker maker Nike and home furnishings firm IKEA shut down stores in Russia on Thursday, as trade restrictions and supply constraints added to political pressure for companies to stop business in Russia because of its invasion of Ukraine. French bank Societe Generalesaid…