Nike joins Apple in shutting down online sales in Russia to deepen Putin’s economic misery | World | News

Nike Inc has made purchases of goods on its website and app unavailable in Russia because it cannot guarantee delivery of goods to customers in the country, an update on the apparel maker’s website showed on Tuesday. sport. It is the latest response from an American company to the Russian invasion of Ukraine, with Hollywood studios Disney, Warner Bros and Sony Pictures Entertainment announcing that they will suspend theatrical releases of future films in Russia. Adidas and Apple have also announced similar measures.

Russia, however, calls its actions in Ukraine a “special operation.”

The update on Nike’s website, however, directed customers to their nearest Nike stores, although it was not immediately clear when the disclosure appeared on the website.

Nike is a prime example of how private companies can impose sanctions on Russia, Ukrainian MP Lesia Vasylenko tweeted.

As another multinational turns its back on Russia, the economic consequences of the invasion of Ukraine are taking hold and are being felt by the population.

Russia has already seen the value of its currency fall since the start of the invasion of Ukraine.

The Central Bank of Russia responded to economic pressure by raising interest rates to 20%.

The EU, US and a host of other nations have imposed harsh economic sanctions on Russia.

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Sporting and social events were also affected by the decision to invade Ukraine.

The UEFA Champions League final was moved from Saint Petersburg to Paris, and was followed by FIFA and UEFA banning Russian teams from playing matches.

In addition, Russia was banned from participating in the Eurovision Song Contest.

Questions remain over whether Russian athletes will be allowed to compete in the Paralympic Games in Beijing.

SHOULD ALL COMPANIES BAN SALES IN RUSSIA? HOW WILL THIS AFFECT THE RUSSIAN PEOPLE? WILL THEY TURN AGAINST VLADIMIR PUTIN AS THEIR LIVES ARE IMPACTED BY SANCTIONS? HAVE YOU SAID ON THIS TOPIC BY CLICKING HERE AND JOIN THE DEBATE IN OUR COMMENTS SECTION – EVERY VOICE COUNTS!

On Friday, S&P Global Ratings downgraded Russia’s credit rating to below investment grade, while Moody’s Investors Service – which rates Russia a notch above poor quality – put the nation under review for a degradation.

Policymakers are counting that the sharp rise in rates, coupled with the mandatory conversion of export earnings and the halting of financial market outflows, will help restore confidence and minimize losses in the country even as the war continues to rage on the other side of the border.

Russians were already lining up at ATMs across the country as demand for foreign currency soared.

The central bank said it was increasing supplies to ATMs to meet needs and issued another statement on Sunday pledging to provide banks with “uninterrupted” supplies of rubles.


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David A. Albanese