German-based Adidas has suspended its partnership with Russian football, joining a growing list of companies that are cutting ties with the country following its invasion of neighbouring Ukraine.
“Adidas is suspending its partnership with the Russian Football Union (RFU) with immediate effect,” read a statement from the company published on Tuesday. The sportswear manufacturer made the decision after a number of prominent firms ignited a cascade of severing connections with Russia, after President Vladimir Putin recognized the sovereignty of the Donbass republics and subsequently invaded Ukraine. Following the announcement, shares of Adidas were down more than 2% in Frankfurt.
In the interim, Mastercard and Visa have distanced themselves from Russia’s banking system, after the West and the EU imposed an onslaught of sanctions targeting all aspects of the country’s economy and financial sector. “As a result of the sanctions orders, we have blocked several financial institutions in the Mastercard payment network. We will continue to work with regulators in the coming days to fully comply with our obligations,” said Mastercard CEO Michael Mibach on Tuesday.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
