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Events on Thursday 3 March 2022 1
2022IKEA exits Russia after Ukraine invasionIKEA suspends all operations in Russia and Belarus on 3 March 2022 — four days after Russia's invasion of Ukraine — citing the 'devastating human impact' of the war. IKEA had operated 17 stores in Russia employing 15,000 people; Russia had been one of IKEA's top-ten markets. IKEA eventually sells its Russian manufacturing operations and formally exits the market. The Russian withdrawal costs IKEA approximately €1.2 billion in write-downs but is widely praised as a principled business decision.