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Daily Mirror
Daily Mirror
Business
Sam Barker

Zara shuts all 500 stores in Russia in protest over escalating war in Ukraine

Fashion chain Zara has become the latest firm to stop trading in Russia due to its invasion of Ukraine.

Russian troops entered Ukraine 12 days ago and the United Nations says hundreds of Ukranian civilians have been killed.

In response, dozens of firms have announced sanctions against Russia, and many have closed their shops in the country.

Today Zara's parent company, Inditex, has closed its 502 stores in Russia and 79 in Ukraine.

As well as Zara, Inditex owns Bershka, Massino Duti and Pull & Bear.

Inditex said sales from Russia make 8.5% of its earnings before interest and tax.

An Inditex statement said: "In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity."

Inditex employs more than 9,000 people in Russia.

The firm said it will be setting up a help scheme for these workers, but did not give details.

Inditex's actions against Russia join dozens of others.

The Football Association has suspended all matches against Russia due to the war in Ukraine. It comes as Fifa stripped Russia of the right to host matches.

Volvo has suspended shipments of cars and heavy goods vehicles to Russia in the wake of the country's invasion of Ukraine.

The Swedish car manufacturer cited the "potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US" as a factor in the decision.

Last week Ikea announced it would temporarily suspend its business in Russia due to the war.

The Swedish flatpack furniture giant confirmed it will pause all retail operations in the country in an update today.

The move is expected to affect around 15,000 workers across 14 Ikea stores in Russia.

H&M, Asos, Adidas and Wetherspoon have all confirmed they're temporarily ending their business with Russia following the full-scale attack, while Apple, Disney and Warner have also issued updates.

It comes after a number of UK energy companies, including BP and Shell, moved to sever their links to Russia as well.

The Football Association has suspended all matches against Russia due to the war in Ukraine, while Fifa has stripped Russia of the right to host matches.

And well-known CompareTheMarket adverts featuring meerkats with Russian accents are being pulled from TV news programming due to the war.

The adverts, which feature fictional wealthy Russian meerkat Aleksandr Orlov and a cast of supporting characters, have been running since 2009.

Visa and MasterCard have both blocked a number of Russian financial institutions from their networks, dealing another heavy blow to the country’s economy.

Visa and MasterCard together handle 90% of all debit and credit card payments outside of China.

A host of UK bars and hospitality firms have stopped the sale of Russian vodka in a move of solidarity with citizens in Ukraine.

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