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

[Viet]

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• Companies
• Cisco, Nike join MacDonald's, Renault in quitting
• New Russian law may encourage more foreign firms to go
• 'Trickle is becoming a torrent,' says analyst

June 23 (Reuters) - U.S. companies Cisco Systems (CSCO.O) and Nike (NKE.N) plan to fully exit Russia, the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated.

Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike (NKE.N) is making a full exit from Russia three months after suspending its operations there, the sportswear maker said. read more

Foreign companies seeking to exit Russia over the war in Ukraine face the prospect of a new law being passed in the coming weeks allowing Moscow to seize assets and impose criminal penalties. That has encouraged some businesses to accelerate their departure.

"What was a trickle is becoming a torrent", said Paul Musgrave, a political science professor at the University of Massachusetts, commenting on the latest round of companies announcing they would leave.

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

"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 on Thursday.

Earlier this month, Cisco's rival International Business Machines Corp (IBM.N) began winding down its business in Russia and Microsoft said it was making substantial cuts to its Russian business. read more

The withdrawal of top technology firms such as Cisco, IBM and Microsoft limits access to critical equipment for Russian businesses and households. They may now have to depend on older equipment and domestic alternatives.

Cisco has offered relocation options to its few hundred employees in those countries, it said. The company did not disclose which countries the employees were offered as alternative locations.

RIVALS MAY BENEFIT​

Companies heading for the exit may struggle to return, said Musgrave. "This presents opportunities for domestic firms in some markets but even more for brands from China and elsewhere to make inroads," he said.

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

U.S. companies Cisco Systems and Nike plan to fully exit Russia, the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated.

www.reuters.com

 

[Yongpeng Sun-Tastaufen]

Shoo. Shoo. Shoo. Make room for Chinese companies.

 

[White and Green with M/S]

Shoo. Shoo. Shoo. Make room for Chinese companies.

Shoo shoo to your stupid thinking

 

[Viet]

Shoo shoo to your stupid thinking

Most people don’t know, Cisco is the company that controls the Internet traffic. If Cisco withdraws Russia internet infra will disintegrate over time. Much like BASF withdrawal Russia gas pipeline system will disintegrate to ashes over time.
But Tai is right. Big time for chinese. Putin will buy Huawei stuffs. He hasn’t much choice.

 

[Skull and Bones]

Indians firms can replace the shoe makers.

 

[MeFishToo]

Russia has a history of inviting western firms to the country, only to force them out when they start to dominate the market. Especially oil companies. This time the firms chose to leave by themself, and this could lead to Russia loosing its status as a major energy exporter. Not everything can be replaced.

 

[Yongpeng Sun-Tastaufen]

Russians would rather not wear Nike shoes than witness Kiev regime shell Donbas civilians. Nike is an accomplice in the murder of Donbas civilians since 2014. I also boycott Nike shoes.

 

[MeFishToo]

Russians would rather not wear Nike shoes than witness Kiev regime shell Donbas civilians. Nike is an accomplice in the murder of Donbas civilians since 2014. I also boycott Nike shoes.

You probably run around naked in the Canadian woods, boycutting anything western..

Judging from russian youtube videos, Russia would be finished without Adidas.