Swedish group H&M announced this Thursday (15) that it has closed its last stores in Russia and Belarus, completing a progressive process that began after the invasion of Ukraine.

“The H&M group liquidated its operations in Russia and Belarus this quarter, remaining stock was sold and the last stores were closed on November 30,” the group said in a statement.

Number two in the industry, which suspended its sales in Russia in March, announced that it would withdraw from the country in July for 2.1 billion Swedish kronor (R$1.07 billion).

Russia, the group’s sixth largest market in 2021, had a business volume of more than 2 billion kronor in the last quarter of 2021.