Ikea Russia said on its website that it was suspending sales in stores and online immediately, and that only orders placed and paid for before March 3 will be fulfilled. Reuters
Ikea Russia said on its website that it was suspending sales in stores and online immediately, and that only orders placed and paid for before March 3 will be fulfilled. Reuters
Ikea Russia said on its website that it was suspending sales in stores and online immediately, and that only orders placed and paid for before March 3 will be fulfilled. Reuters
Ikea Russia said on its website that it was suspending sales in stores and online immediately, and that only orders placed and paid for before March 3 will be fulfilled. Reuters

Retail closures in Russia increase as its military offensive in Ukraine goes on


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As the world isolates Russia because of its military offensive in Ukraine, US and European retailers have been rapidly shutting down operations across Russia.

This has sent scores of Russians racing to buy imported consumer goods on fears of a plunging rouble and sanctions.

Companies that have not yet joined the ban are drawing unwelcome attention across social media, with hashtags #BoycottMcDonalds and #BoycottCocaCola trending on Twitter.

Last year, McDonald’s generated about 9 per cent of its revenue from Russia and Ukraine, and Coca-Cola’s Swiss-based bottler, Coca-Cola HBC AG, took about 21 per cent of its volume from Russia and Ukraine.

Here is a roundup of businesses that have paused products and closed up shop.

Apple

After Ukraine Vice Prime Minister Mykhailo Fedorov tweeted a letter to Apple chief executive Tim Cook on February 25, pleading with the company to pull out of Russia, Apple closed stores and paused product sales in the country. It has not yet shut down its local App Store.

Asos

Fast-fashion retailer Asos said that it was halting sales in Russia. In 2021, Russia and Ukraine accounted for about 4 per cent of sales revenue. The company suspended sales in Ukraine following the invasion.

Boohoo

UK online clothing seller Boohoo Group has suspended operations in Russia.

Burberry

British fashion house Burberry Group has halted shipments to Russia, but stores there are still open.

Electronic Arts

Video-game publisher Electronic Arts has announced it is stopping the sales of games, content and virtual currency bundles in Russia and Belarus.

Hermes

French luxury brand Hermes International said it will temporarily close its stores in Russia and pause all commercial activities.

H&M

Swedish clothing retailer Hennes & Mauritz has temporarily paused sales in Russia, where the retailer has 155 stores. According to its 2020 year-end report, Russia is the company’s seventh-largest market.

Ikea

On March 3, home-furnishing company Ikea announced that it was pausing all Ikea-brand retail operations in Russia, export and import in and out of Russia and Belarus, and deliveries from sub-suppliers. For the 15,000 employees affected, it said it was seeking to provide “income stability” for the short term.

A statement on the Ikea Russia website said it was suspending sales in stores and online immediately, and that only orders placed and paid for before March 3 will be fulfilled. The company added that its Mega Family Shopping Centres, which are shopping malls with grocery stores and pharmacies, will be kept open.

LVMH

French luxury group LVMH is temporarily closing its 124 stores in Russia, AFP reported. The company has 3,500 employees in Russia, according to WWD.

Mango

Spanish fashion retailer Mango is closing its 55 company stores in Russia, suspending online sales and stopping deliveries to the country. Its 65 franchisees are being allowed to remain open subject to product availability. The company has 800 employees in Russia, according to Reuters.

Nike

Footwear business Nike is temporarily closing company-owned and operated shops in Russia, but the company told Bloomberg it will continue to pay store employees during the closures. It is also halting e-commerce sales in the country.

Samsung

Samsung Electronics has suspended product shipments to Russia, halting its sales and services in the country. The South Korean technology company is monitoring the complex situation, the company said in an emailed statement to Bloomberg. The company also said it is donating $6 million, including $1m in consumer electronics products, to humanitarian efforts in the region.

Swatch

Swiss watch company Swatch Group told Bloomberg it will be closing its stores in Russia.

Under Armour

Sports apparel company Under Armour has stopped all shipments into sales channels in Russia.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

How to help

Call the hotline on 0502955999 or send "thenational" to the following numbers:

2289 - Dh10

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UAE currency: the story behind the money in your pockets
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Tomato and walnut salad

A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.

Badrijani nigvzit

A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.

Pkhali

This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.

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Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

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match info

Chelsea 2
Willian (13'), Ross Barkley (64')

Liverpool 0

What is Bitcoin?

Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.

The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers. 

UAE currency: the story behind the money in your pockets
Updated: March 07, 2022, 5:09 AM`