Companies across Europe and the US have warned that the crisis in Russia and Ukraine was already taking its toll on business, as stringent sanctions imposed on Moscow sent ripples through western boardrooms.
The warnings came as the EU published details of its toughest sanctions against Russia since the end of the cold war, targeting the economy’s energy, financial and defence sectors.
Shares in Adidas, the world’s second-largest sportswear group, dropped 15 per cent after the company issued a profit warning and said it would accelerate the closure of Russian stores because of risks to consumer spending in the region.
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