The Swedish company Ingka Group, owner of the IKEA brand, has sold its final asset in Russia: a warehouse in Yesipov near Moscow, once described as "the key to IKEA's expansion in Russia.", according to Ukrinform.
According to Radio Liberty, this sale marks Ingka Group's full exit from the Russian market.
Businessman Robert Uzilov, known for owning similar properties, purchased the warehouse. His representative confirmed the acquisition, with experts estimating its value at approximately 18 billion rubles ($184 million) due to its equipment and strategic location.
Ingka Group originally opened the warehouse in 2003, gradually expanding it to cover 18 hectares.
It served as the main logistics hub for all IKEA stores in Russia, and Ingka's CEO had previously highlighted its importance for the company’s growth in the region.
In response to Russia’s 2022 full-scale invasion of Ukraine, IKEA suspended all operations in Russia. By 2023, it had sold off its major assets, including factories, Mega shopping centers, and its headquarters in Khimki Business Park.
Following Russia’s invasion, over 1,500 foreign organizations have suspended or ended operations in the country.
A study by the Kyiv School of Economics found that 11% of foreign companies have fully exited the Russian market since the war began, although 43% remain active.
This sale concludes Ingka Group’s business in Russia, reflecting a wider trend among international companies reassessing their presence in the region amidst ongoing geopolitical tensions.
