IKEA And Lancome On Russian Parallel Import List To Dodge Sanctions
- Mar 14, 2023
- 1 min read
Written by: Katie Scott, business reporter Brainz Magazine
Furniture brand Ikea has been added to a list by the Russian government that allows its products to be imported into Russia without its permission.
The so-called parallel imports scheme is a way for the Russian industry minister to get around the sanctions imposed after the country’s illegal invasion of Ukraine. Also on the list are Lancome, Japanese gaming brand Nintendo and toy manufacturers Hasbro and Mattel, according to Reuters.
The news comes after the Russian government announced last month that it had brokered a deal with local companies to buy Ikea’s factories in Russia. Ikea said in a statement at the time: "The sales process is subject to a mandatory approval process. This process is between the authorities and applying companies.” It also added that it was keeping some details confidential at this time, stating: “We have agreed with potential buyers not to share any details with respect to them and the integrity of the sales process."
