U.S. companies Cisco Systems and Nike plan to fully exit Russia, the two firms said Thursday, as the pace of Western firms departing accelerates.
Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike is making a full exit from Russia three months after suspending its operations there, the sportswear maker said.
Foreign companies seeking to exit Russia over the war in Ukraine face the prospect of a new law being passed in coming weeks that will allow Moscow to seize assets and impose criminal penalties. That has encouraged some businesses to accelerate their departure.