The Famous Jewelry Manufacturer Is Leaving Russia

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According to the reports of Rashatudi; Alexis Nasard, the CEO of the Austrian company “Swarovski” announced in an interview with Trend magazine that this jewelry and crystal group will completely leave Russia due to Western sanctions.

The company, known for its high quality jewelry and craftsmanship, suspended its business activities in Russia last March following Ukraine-related sanctions.

Although the company was present in the country, it had closed its 12 stores as well as online stores in Russia.

Austrian companies are not leaving Russia at the moment, despite the sanctions, after FedEx, UPS is also leaving Russia.

According to Nasard, who is considered to be the first non-family CEO of the company in its 128-year history, Swarovski cannot maintain his activity in Russia and will leave the country completely due to sanctions and trade restrictions.

The company did not specify a specific time frame for its exit from Russia, but emphasized that the exit “will be organized and implemented in accordance with all applicable laws, including economic sanctions and other trade restrictions.”

According to these news, many foreign retailers were forced to leave this country after the Western sanctions following the war in Ukraine last year.

H&M Group, Nike, Starbucks, Victoria’s Secret, Lush and Lego are also among the companies that have officially announced their exit.