Cisco, Nike quit Russia, as pace of Western firms leaving speeds up

US companies Cisco Systems and Nike told Reuters on Thursday that they will exit the Russian market entirely, as the pace of Western companies’ exit from Russia accelerates after its invasion of Ukraine in February.

Cisco, the maker of telecom equipment, said it was ending its business in Russia and Belarus.

Foreign companies seeking to exit Russia face the prospect of a new law in the coming weeks that would allow Moscow to seize assets and impose criminal penalties. This prompted some companies to accelerate the pace of leaving the Russian market.

Cisco suspended its operations, including sales and services, in Russia in March.

“We have now taken the decision to begin an orderly drawdown of our business in Russia and Belarus,” the company said in an emailed statement on Thursday.

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and operated stores in Russia. It has now decided to leave entirely, it said Thursday.

Cisco and Nike join the likes of McDonald’s and Renault in making complete exits from Russia. More companies are expected to leave in the coming weeks ahead of the new law.