IKEA To Make Swift Exit Out of Russia

IKEA To Make Swift Exit Out of Russia

Another Company Abandons Russia, Leaving Putin Nowhere Left To Lie

(TargetLiberty.org) – Russia has lost a lot of business in the wake of its unprovoked war on Ukraine. At the same time, the country’s economy is being squeezed by sanctions from the West. Recently, another company announced it was dramatically reducing its workforce in the country.

In a statement on June 15, officials with IKEA posted a message on its website announcing it was scaling down operations in Russia and Belarus. The news comes months after its March 3 announcement that it was pausing operations in the country as a result of the war. At that time, the company continued to pay benefits to the employees and provided them with a salary. Months later, conditions have still not improved, so IKEA is taking the next step.

Inter IKEA Group and Ingka Group have decided IKEA Retail operations will remain paused, and the company will reduce its workforce. Ingka Group will sell its home furnishing inventory as well. Inter IKEA is also going to reduce the industry business workforce in Russia and sell all four of its factories. And finally, the IKEA-owned offices in Minsk and Moscow will be sold and will permanently close. Importing and exporting from Belarus and Russia will remain stopped as well.

Do you think IKEA is making the right decision?

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