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M&S Suspends Shipments To Turkish Tranchisee's Russian Business

British food and clothing retailer Marks & Spencer has suspended shipments to its Turkish franchisee's Russian business following Russia's invasion of Ukraine, it said on Thursday.

FiBA Group has worked in partnership with the UK retailer since 1999.

It operates 48 M&S stores in Russia and 10 in Ukraine as well as stores in Turkey.

Suspended Sales 

On Wednesday, British online fashion retailers ASOS and Boohoo  said they had suspended sales in Russia, joining a growing list of companies shunning the country.

M&S said it was building on its existing support for UNICEF UK's Ukraine appeal with a £1.5 million ($2.0 million package of aid).

Other Retailers Response 

Sneaker maker Nike and home furnishings firm IKEA shut down stores in Russia on Thursday, as trade restrictions and supply constraints added to political pressure for companies to stop business in Russia because of its invasion of Ukraine.

French bank Societe Generalesaid it was working to cut its risks in Russia, fearing a tit-for-tat response by Moscow to Western sanctions, as more companies from vodka maker Diageo  to suspended business in the country.

Globally known companies including Apple, Ford and Shell have condemned Russia's attack, but some of the announcements on Thursday were more practical, focused on supplies and sanctions as shipping routes closes and governments banned exports to Russia.

David Calhoun, chief executive, Boeing in a note to staff, acknowledged the violence in Ukraine but avoided politics.

"Moving forward, Boeing will continue to follow the lead of the U.S. government and strictly adhere to the export controls and restrictions that have been announced governing work in Russia," he said in the note seen by Reuters, which described suspension of work in Russia and Ukraine.

News by Reuters edited by Donna Ahern Checkout. For more retail stories click here. Click subscribe to sign up for the Checkout print edition.

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