RUSSIA UKRAINE CONFLICT SANCTIONS ECONOMY

H&M Group is winding down its business in Russia

epa10104119 Russian people stand in line to enter H&M store in the Metropolis shopping mall in Moscow, Russia, 03 August 2022. H&M Group (H & M Hennes & Mauritz AB) multinational clothing company announced in July 2022 of its decision to wind down its business in Russia due to 'current operational challenges and an unpredictable future'. As part of this process the company reopens its physical stores for selling remaining stock in Russia. Earlier, in March 2022 the company paused all sales in Russia, being among some other brands which announced the suspension or limitation of their business in Russia as the result of sanctions imposed by the West on Russia in response to what the Russian President declared as a 'Special Military Operation' in Ukraine. Russian troops entered Ukraine on 24 February 2022, prompting a series of severe economic sanctions imposed by Western countries on Russia. EPA/MAXIM SHIPENKOV

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