Cisco Systems and Nike are now amongst hundreds of companies who have confirmed plans to fully exit Russia, a recent Reuters report reveals.
"What was a trickle is becoming a torrent,” a political science professor at the University of Massachusetts, commenting on the latest round of closures, Paul Musgrave, said.
Cisco Systems and Nike are the one of the latest U.S. companies to cease operations in Russia as the sum of departed Western companies from the country rapidly multiplies.
Nike confirms its full exit from Russia three months after suspending its operations in the country. Similarly, Cisco, a telecoms equipment maker, announced plans to “wind down” its operations in Russia and Belarus.
The acceleration of Foreign companies looking to make a similar departure amid Russia’s invasion of Ukraine is driven by a new law that could soon be passed, which would allow Moscow officials to seize assets and file criminal charges against the companies.