“After careful consideration, we see it as impossible given the current situation to continue our business in Russia,” H&M Group CEO Helena Helmersson said in a statement.

“We are deeply saddened about the impact this will have on our colleagues and very grateful for all their hard work and dedication,” she added.

H&M, which has operated in Russia since 2009, said it would reopen stores in Russia “for a limited period of time to sell remaining inventory” as part of the exit process.

It said the entire wind-down was expected to cost the group around 2.0 billion Swedish kronor (US$192 million), of which around 1.0 billion would have a cash flow impact.

“The full amount will be included as one-time costs in the results for the third quarter 2022,” the company said.