Months after halting operations in Russia, fitness apparel company Nike and technology firm Cisco Systems are fully exiting.
After its invasion of Ukraine, several companies worldwide paused their operations in Russia and Belarus, a critical ally for Russia.
Now, companies are in a rush to exit the country before new law that would allow Moscow to seize assets and penalize firms for suspending their business.
“We have now made the decision to begin an orderly wind-down of our business in Russia and Belarus,” Cisco said in a statement.
For Cisco employees in those countries, the firm said it would be offering relocation options.
Other major tech firms such as IBM and Microsoft have also pulled back from their operations in Russia. However, some analysts predict that these exits could benefit rivals and may find it difficult to return to the region in the future.
“This presents opportunities for domestic firms in some markets but even more for brands from China and elsewhere to make inroads,” said Paul Musgrave, a political science professor at the University of Massachusetts.