Since the invasion of Ukraine in February, Nike is the most recent Western company to declare plans to depart Russia.
In March, the US sportswear juggernaut stopped accepting online purchases and shut its local stores.
Local partners' stores remained to be open, but the company is ending their contracts with them.
Networking behemoth Cisco recently announced that it will begin to completely cease operations in Belarus and Russia.
McDonald's and Starbucks are two other businesses that have recently finalised their exit strategies.
Nike issued a statement saying, "Nike has decided to exit the Russian market." While we carefully scale back our activities over the next years, our top concern is to make sure we are adequately supporting our staff.
Since the invasion, as the West and its allies have imposed sanctions and multinational corporations have fled the country, Russia has become more and more economically isolated.
According to Reuters, the nation is now working on laws that would punish foreign corporations looking to leave, enabling the government to take their assets and apply criminal penalties.
According to its website, Nike has more than 50 stores in Russia, with nearly a third of them being shuttered.
Russian media claimed in May that the firm was terminating its contract with its biggest franchisee in that country, who was in charge of 37 locations.
Russia and Ukraine collectively contributed less than 1% of Nike's total sales, as previously revealed.
On Thursday, Cisco said that it has "decided to start an orderly wind-down of our operations in Russia and Belarus."
A few hundred employees would be impacted by this choice, the US firm stated, adding that it wants to make sure they are "treated with dignity."
According to a company spokeswoman, Cisco "remains dedicated to deploying all of its resources to support our workers, the institutions and people of Ukraine, and our customers and partners during this difficult period."
A $200 million (£160 million) impact to third quarter revenues resulted from the networking giant ceasing commercial operations, including sales and services, in the area in March.
blogpay
