Fashion retail giant H&M is shutting down its business operations in Russia to exit from the brands. 

H&M’s decision to leave Russia comes four-and-half months after it suspended its retail operations in the country.

Helena Helmersson, CEO,  says, it has become impossible for the company to continue operations in Russia due to the “current situation.”

As part of its exit plan, H&M will temporarily reopen stores in Russia to sell off all remaining inventory.

Shutting down operations in Russia will cost the company 2 billion Swedish Krona ($191 million) and have a 1 billion Swedish Krona ($96 million) impact on the company’s cash flow. 

H&M joins a growing list of major global brands that have halted or shut their businesses in Russia since its invasion of Ukraine, which was followed by a multitude of economic sanctions from the West. Last month, Nike announced plans to exit the Russian market, three months after suspending retail operations. Among other fashion and apparel brands, Spain’s Inditex—the owner of H&M rival Zara—told shareholders last week that it was monitoring the situation in Russia where its stores remain temporarily closed.” In March, Uniqlo’s parent company, Fast Retailing, also halted sales in the country citing “a number of difficulties