Luxury giants LVMH and Hermès will close stores in Russia temporarily.

As the crisis in Ukraine continued to escalate, the French luxury giants said they would temporarily close their stores in Russia.

The company said that it would close the stores on Sunday due to the current circumstances in the region. The company will continue to pay salary and benefits to its employees in the country. As of Friday evening, the company said it would temporarily close its stores and stop commercial activity in Russia.

It is with regret that we have decided to temporarily close our stores in Russia and stop all commercial activities.

Western retailers like Ikea, H&M Group and Nike have halted sales in Russia in recent days and expressed their support for the people of Ukraine. Most of the time, they will pay their Russian employees. Retailers are responding to the trade disruption in Russia and the sanctions against financial transactions in the country, as well as the escalating violence in Ukraine.

Ikea, which is based in Sweden, said this week that it would stop exporting and imports from Russia and other countries and stop retail operations in those countries. The company told The New York Times in an email on Friday that they are not making transactions due to current international sanctions.

Steve Lamar, president and chief executive of the American Apparel and Footwear Association, said in a statement that the sanctions regime affecting Russia is quickly evolving.