Cisco, Nike to exit from Russia, as Western companies speed up departure

• Western companies are accelerating their departure from Russia after reports of Moscow’s new law surfaced

Cisco Systems Inc (NASDAQ: CSCO) and Nike Inc (NYSE: NKE) will wind down their businesses in Russia, the two companies have told Reuters on Thursday.

The news follows as the pace of western companies departing Russia is accelerating.

Telecoms equipment manufacturing giant Cisco will also fully exit from Belarus after the company stopped its business operations, including sales and services, in the region in March.