Hermes, a French luxury goods company, said on Friday that it will suspend all of its outlets in Russia and halt all business activity in the country for the time being. “Deeply worried by the circumstances in Europe at this time,” Hermes announced on LinkedIn. “It is with sorrow that we have made a decision to briefly close our stores in Russia and suspend all our commercial activity as of the evening of March 4th.”
On the other hand, Germany too is making the situation a bit more difficult due to the ongoing war as businesses with Russia are suspended, especially that to Hermes export credit guarantees. “The granting of Hermes guarantees and investment guarantees for Russia has been postponed until further notice,” a ministry official was quoted by daily Handelsblatt.
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