Richemont has announced that it has suspended all commercial activities in Russia, following its prior announcement of stopping operations in Ukraine on 24 February.
The company said it is in close contact with its people on the ground and ensuring they receive financial, logistic and moral support.
Richemont has also initiated a “significant” donation to Médecins Sans Frontières (Doctors Without Borders) to help provide emergency response activities, basic aid items, and medical supplies and support to people in need in the region.
Several of the company’s maisons and businesses are also reportedly supporting humanitarian efforts with additional donations and contributions.
Richemont said: “Richemont’s deepest compassion and thoughts go out to our colleagues, their families and friends affected by the tragic situation in Ukraine.
“We will continue to monitor developments and adapt our measures accordingly.”
