Store operator Ikea has sold its last asset in Russia, completing its exit from the country.

The Ingka Group, which runs most of the world’s IKEA stores, announced today that it has sold a warehouse near Moscow, joining hundreds of other foreign companies that have withdrawn from Russia since the invasion. ‘Ukraine.

“We can confirm that we have sold the Esipovo distribution center outside Moscow, as well as the remaining land,” the company said in a statement.

“We no longer hold any assets in Russia.”

Russian business media outlet RBC reported that Russian businessman Robert Uzilov was the buyer – although the Ingka Group did not confirm this.

The Ingka group has been present in Russia for more than 20 years.

The group is IKEA’s largest franchisee, with its stores in 31 countries accounting for 88% of IKEA’s global retail sales.

The invasion of Ukraine triggered a mass exodus of multinationals from the Russian market, wary of potential consumer backlash if they stayed.

Starbucks and McDonald’s were among those to pull out as the West unleashed sanctions on Moscow and sought to isolate the Russian economy.

But almost two and a half years later, more than 2,000 foreign companies remain in Russia, according to the Kyiv School of Economics.

This compares to around 1,750 people who have either reduced their activities or left the country altogether.