Nike is the latest giant to reveal it is pulling out of Russia.

The sportswear giant revealed it is the latest company to pull out of the country following Vladimir Putin’s invasion of Ukraine.

A statement from the company said: “Nike. has made the decision to leave the Russian marketplace.”

“Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months.”

Nike also announced its website and mobile app would “no longer be available in this region” and that its stores would “not reopen.”

Nike had around 100 shops in the nation.

READ MORE: NIKE PLANS TO MOVE TO A SMALLER SPACE IN GEORGETOWN

In March, the business announced that all Nike-owned and operated stores in Russia would be temporarily closed, with those that remained open being run by unaffiliated partners.

Nike’s operations in Russia and Ukraine account for less than 1 percent of overall revenue.

The decision comes as new regulations are due to be passed that would empower Moscow to confiscate assets and inflict criminal penalties on foreign corporations preparing to leave Russia.

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Several American corporations such as Google, Cisco, McDonald’s, and Starbucks have opted to terminate their operations in the nation. In March, Nike’s competitors Adidas, Puma, and Reebok also departed Russia.

Russia’s assault on Ukraine continues after its military started a large-scale invasion on February 24 – Europe’s first serious land battle in decades.

Details of the battle alter by the day, but hundreds of people, including children, have already been reported killed or injured. Millions of Ukrainians have left as well.

Source: Bloomberg

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