British retailer Marks & Spencer (M&S) has announced it will "fully exit" the Russian in light of Moscow's invasion of Ukraine.
"M&S is a values-led business; therefore, as a result of the invasion of Ukraine, we ceased shipments to Russia on 3 March 2022," the company said in a yearly results report published Wednesday.
"Subsequently, we have made the decision to fully exit our Russian franchise and we have recognised a charge of £31 million ($38 million) in adjusting items, representing our full exit costs from Russia and business disruption in Ukraine."
Some context: M&S is the latest in a growing line of businesses that have abandoned or scaled back operations in Russia since it began its invasion of Ukraine.
On Monday, Starbucks said it had "made the decision to exit and no longer have a brand presence in the market" after having previously paused its operations and stopped shipments of its products to Russia.
Last week, McDonald's said it was selling its Russia business after operating for more than 30 years in the region.
The burger chain said the "humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald's to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald's values."