Nike will make full exit from Russia amid ongoing crisis in Ukraine, per report

The multinational sportswear company intends to leave the Russian marketplace three months after suspending operations

Three months after suspending its operations in Russia following the nation's invasion of Ukraine, Nike told Reuters on Thursday that the multinational sportswear corporation intends to fully leave the Russian marketplace. The company becomes the latest Western brand to fully withdraw from Russia.

Nike's decision to fully withdraw from Russia comes ahead of the prospect of new laws which would allow the government to seize the assets of Western firms who are looking to leave the country. The laws would give the Russian government the authority to intervene where it determines there is a threat to local jobs or industry, making it much more difficult for Western companies to leave the country quickly.

"Nike has made the decision to leave the Russian marketplace. Our priority is to ensure we are fully supporting our employees while we responsibly scale down our operations over the coming months," read a statement by Nike provided to Reuters.

Although less than one percent of Nike's revenue comes from sales in Russia or Ukraine, the company has become the latest Western multinational to withdraw from the Russian marketplace. Rival sportswear companies like Adidas, Puma, and Reebok have suspended their operations in Russia, while brands like McDonald's and Starbucks have left the country entirely.