Zara, Paypal, and Samsung closed their stores in Russia due to the Ukrainian invasion
Written byTimes Magazine
Zara, Paypal, and Samsung are the latest international companies to stop trading with Russia after invading Ukraine. On Sunday, the owner of the clothing retailer Inditex closed all 502 stores of its eight brands, including Bershka, Stradivarius, and Oysho.
Payments giant Paypal cited "ruthless military aggression in Ukraine" to discontinue its service. Samsung, Russia's biggest smartphone supplier, suspended shipments due to "geopolitical events." Other global brands, including Apple, H&M, and Ikea, have stopped selling in Russia.
Closure of clothing stores is expected to affect more than 9,000 Inditex employees in Russia. However, the Spanish company told the news it was working on a support plan.
"Under current circumstances, Inditex cannot guarantee the continuity of operations and trading conditions in the Russian Federation and has temporarily suspended its activities," said the company that owns Zara.
Adam Cochrane, an analyst at Deutsche Bank Research, told Reuters that logistical difficulties and the ruble's weakness, which led to sharp price increases for Russian consumers, would make it difficult for "all retailers importing into Russia."
Other brands that have stopped operating in Russia are:
- Apple
- IKEA
- HM
- Huuuu
- Rolls-Royce
- Burberry
- Jaguar Land Rover (JLR)
- General machine
- Aston Martin
- Netflix
Online payments company Paypal has also suspended its services in Russia but said it would maintain withdrawals "for some time." This ensures that account balances are distributed "by applicable laws and regulations," he said. Fashion and technology.
But today, young Russians have options, and access to them is extremely limited as giant global corporations continue to have their backs on Russia.
Samsung sells the most popular smartphone in Russia, but there is no chance of upgrading when the current stock is sold out because Samsung stopped shipping it. As a result, the Ukrainian government asked Paypal to leave Russia and help its employees raise funds.
Trending News
