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10 Mar, 2023 05:23

Iconic jewelry maker quits Russia

Swarovski’s CEO cited EU-imposed trade restrictions when announcing the move
Iconic jewelry maker quits Russia

Austrian crystal group Swarovski is fully withdrawing from Russia due to Western sanctions, the company’s CEO, Alexis Nasard, told Trend magazine on Thursday.   

The company, which specializes in crystal jewelry, suspended business activities in Russia last March in the wake of Ukraine-related sanctions. Swarovski closed its 12 Russian stores and stopped online business, although the firm retained a presence in the country.    

According to Nasard, who is the first non-family CEO in Swarovski’s 128-year history, the company cannot maintain its “dormant activities” and will fully exit Russia “in line with the applicable sanctions and trade restrictions.”  

Nasard did not specify a period for the withdrawal but noted that it would be “orchestrated and carried out in accordance with all applicable laws, including economic sanctions and other trade restrictions.”

Numerous foreign retailers left Russia following Western sanctions over the conflict in Ukraine last year. Among those to announce their departure were H&M Group, Nike, Starbucks, Victoria’s Secret, Lush, and Lego.

For more stories on economy & finance visit RT's business section

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