Zara, Paypal and Samsung suspend business in Russia because of the Ukraine crisis
Russia’s 86 Zara stores start closing from today.
The clothes retailer’s owner, Inditex, will shut all 502 stores of its eight brands, including Bershka, Stradivarius and Oysho, from this Sunday.
Payment giant Paypal suspended business in Russia.
Samsung – Russia’s top supplier of smartphones – is suspending shipments over ”geopolitical developments”. Samsung products ranging from chips to smartphones and consumer electronics have been suspended.
Other global brands, including Apple, H&M and Ikea, have already stopped selling in Russia.
The clothes store closures are expected to hit more than 9,000 of Inditex’s employees who work in Russia.
”In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity,” the Zara owner company said