A source told the Russian news agency TASS that Swedish furniture giant IKEA will not sell its business in Russia after the Swedish company decided to pull out of the Russian market.
The source said that Ikea will not sell its company in Russia, but the company’s stores and warehouses will remain closed, although Ikea wants to return to Russia within a year or two if the economic situation changes and sanctions pressure eases.
And last March, Swedish furniture giant Ikea announced that it was suspending operations in Russia and Belarus due to the Ukrainian crisis.
After Russia launched a special operation in Ukraine, Western countries imposed sanctions against Russian companies and sectors of the economy, some Western companies also announced their withdrawal from the Russian market, including IKEA.
For its part, the Russian government confirmed its support for national companies affected by the sanctions and announced a set of measures to maintain financial and economic stability in the country.
Source: “TASS”