Cisco and Nike left Russia as the rate of Western companies departing increased

• Cisco, a manufacturer of communications equipment, said that it would cease operations in Russia and Belarus.
• Three months after suspending business there, sportswear manufacturer Nike (NKE.N) said that it is completely leaving the country.
• A new law that will empower Moscow to seize assets and inflict criminal fines may be passed in the upcoming weeks

American businesses Cisco Systems (CSCO.O) and Nike (NKE.N) intend to completely leave Russia, the two companies confirmed to the private as the rate of Western businesses leaving Russia quickened.

Cisco, a manufacturer of communications equipment, said that it would cease operations in Russia and Belarus. Three months after suspending business there, sportswear manufacturer Nike (NKE.N) said that it is completely leaving the country.

A new law that will empower Moscow to seize assets and inflict criminal fines may be passed in the upcoming weeks, making it more difficult for foreign businesses to leave Russia because of the conflict in Ukraine. Some businesses have accelerated their exit as a result of this.

Paul Musgrave, a professor of political science at the University of Massachusetts, commented on the most recent round of corporations announcing their departure: “What was a trickle is become a flood.”

In March, Cisco stopped conducting business in Russia, including sales and services.

“We have now made the decision to begin an orderly wind-down of our business in Russia and Belarus,” it said in an emailed statement

Earlier this month, Microsoft announced significant cuts to its Russian business as Cisco’s competitor International Business Machines Corp (IBM.N) started winding down its operations there.

Leading technology companies like Cisco, IBM, and Microsoft have left the country, limiting access to essential equipment for Russian households and enterprises. They might now be forced to rely on outdated technology and domestic alternatives.

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