The reason for leaving was the inability to set up business processes.
Swedish retailer H&M began the procedure for winding up its business in Russia. Representatives of the company announced such a decision on its official website.
Before the complete withdrawal from the Russian market the company intends to sell out the remains from the warehouses. The reason for the withdrawal is the inability to set up the business processes.
"Given the current problems with doing business and the unpredictability of the future, the company announces the decision to begin winding down business in Russia," it said in a statement.
H&M suspended sales on March 2. The company has been represented in Russia since 2009.
"The company regrets that business cannot continue in the current environment, that colleagues have suffered as a result," company representatives said, adding that the winding down will take into account the interests of colleagues and employees.