Cisco, Nike quit Russia, as pace of Western firms leaving speeds up, 23 June 2022

U.S. companies Cisco Systems and Nike plan to fully exit Russia, the two firms told Reuters...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 is making a full exit from Russia three months after suspending its operations there, the sportswear maker said.

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 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...