Nike not renewing franchise deals in Russia

US sportswear maker Nike has not renewed agreements with its largest franchisee in Russia, the Vedomosti daily reported on Wednesday, marking the latest exit by a major U.S. brand since Russian forces entered Ukraine.

Nike said on March 3 it would temporarily suspend operations at all its Nike-owned and -operated stores in Russia in response to Moscow's actions in Ukraine and has said that those still open are operated by independent partners.

The head of Inventive Retail Group (IRG), which operates Nike-branded stores in Russia through its subsidiary Up And Run, said Nike was no longer supplying goods to Russia, Vedomosti reported.