Zara Owner Inditex Halts Trading in Russia

A man wearing a protective face mask, used as a preventive measure against the coronavirus disease (COVID-19), walks out of a Zara store in central Kyiv, Ukraine November 25, 2020. REUTERS/Valentyn Ogirenko

Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday to the Spanish regulator.

"In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity", the Zara owner company said.

Russia accounts for around 8.5% of the group's global EBIT, Inditex added.