PayPal, Zara and Samsung desert Russia: Business giants shut down services in the country as Great Cancellation of Putin continues
- PayPal suspends operation in Russia as latest finance firm confirms clampdown
- Payment giant cited ‘current circumstances’ as the reason for its withdrawal
- Vladimir Putin and his inner circle were all hit with personal financial sanctions
- But everyday Russians suffer too as multinational firms abandon isolated nation
- In total, more than £100bn in trade ties has already been severed from Russia
- Click here for the latest updates on the Ukraine crisis from MailOnline’s live blog
Several more major tech companies and retailers have shut down their operations in Russia as the ‘Great Cancellation’ of Vladimir Putin continues after the invasion of Ukraine.
Samsung Electronics has become the latest high profile firm to suspended shipments to Russia over ‘geopolitical developments’, the firm said today.
The South Korean tech giant is the world’s biggest memory chip maker and the leading smartphone seller in Russia.
‘Due to current geopolitical developments, shipments to Russia have been suspended,’ Samsung said in a statement. ‘We continue to actively monitor this complex situation to determine our next steps.’
Spanish clothing giant Inditex, which owns high street brand Zara and sports company Puma have both announced they will shutter their stores in Russia.
Puma said it will ‘continue to pay the full salary of our employees’ at ‘more than 100’ retail locations across the country, a spokeswoman said.