Stockholm: H&M has announced it is suspending all sales in Russia due to the invasion of Ukraine. The world's second-biggest retailer said it was concerned about the developments in Ukraine. In an official statement, the Swedish retailer said it stands "with all the people who are suffering". H&M is the latest firm to halt sales in a widening corporate backlash against what the UK prime minister described as "barbaric" attacks by Russia. H&M's website was unavailable in Russia on Wednesday evening
According to recent figures, Russia is H&M's sixth-biggest market, accounting for about 4% of group sales in the fourth quarter of 2021. The retailer currently has more than 150 stores in Russia, according to its 2020 annual report, which will all now be shuttered due to the conflict.

OTHER COMPANIES ALSO IMPOSE BAN ON RUSSIA

In addition to H&M, the fashion giant, Netflix, tech company Oracle and many others cut or paused business in Russia on Wednesday because of the attack on Ukraine.
Netflix has paused new projects in Russia, Variety reported, and Oracle said it had suspended all operations. Oracle's announcement on Twitter came about three hours after Ukraine's minister of digital transformation tweeted to the company for support. Deputy Minister Alexander Bornyakov told Reuters that Ukraine has sought help from 50 different companies, part of a strategy to isolate Russia and get citizens to turn against their government. "More sanctions imposed, faster peace restored," Borynakov said.

The United States on Wednesday expanded such sanctions, imposing export controls on Belarus, a base for some of the Russian attacks on Ukraine.
The new sanctions also ban the export of specific refining technologies, making it more expensive for Russia to modernize refineries.