Global fashion brand Zara and electronics maker Samsung have been added to the list of ongoing economic sanctions against Russia. The two largest companies have suspended operations in Ukraine to avoid financial losses due to the outbreak of war in Russia. News from the BBC.
South Korean-based technology company Samsung has suspended supplies to Russia, citing ongoing geopolitical unrest. The most smartphones in Russia go from Samsung. In addition, the online money transfer company PayPal has also temporarily suspended services in Russia.
After the war in Ukraine, the United States, the United Kingdom and the European Union first imposed massive economic sanctions on Russia. After that, various big companies of the world started imposing sanctions against Russia one by one. In the past week, several global companies, including Apple and H&M, have announced a halt to sales in Russia.
As a result, it is becoming harder for Russian retailers to sell products to consumers at higher prices. This is one of the reasons behind the suspension of activities of big brands of the world.