Economy

British retailer Marks & Spencer fully exits Russia

Firm faces $38.7M cost for its withdrawal from Russia over war in Ukraine

Gokhan Ergocun   | 25.05.2022
British retailer Marks & Spencer fully exits Russia

ISTANBUL

The UK-based retail giant Marks & Spencer announced on Wednesday that it will pull out of the Russian market completely.

The firm, which ceased its shipments to Russia on March 3, shortly after Russia launched war on Ukraine, has recognized a £31 million ($38.7 million) charge for the cost of its full exit from the country and business disruption in Ukraine.

Marks & Spencer has been active in the Russian market since 2005 through a Turkish franchise, which has nearly 50 branches.

"Unfortunately, our Ukrainian business has also been partially closed as a result of war impacts, and we are working with our partner to reopen as and when possible," it added.

Russia has been slapped with numerous sanctions by major world powers, including the US, UK and European Union, since it declared war on Ukraine on Feb. 24.

Several major companies suspended their business in the country or decided to exit from Russia.

According to UN estimates, at least 3,974 civilians have been killed and 4,654 injured in Ukraine so far as the war continues. The true toll is believed to be much higher.

Over 6.6 million people have fled to other countries, while more than 7.7 million have been internally displaced, according to the UN refugee agency.

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