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LONDON – British retailer Marks & Spencer (M&S) has announced that it is to fully exit the Russian market following the country's military invasion of Ukraine.

The company stopped sending shipments to Russia in March but previously said that complex franchise deals were preventing it from withdrawing completely, with 48 shops still open.

M&S, which opened its first store in Russia in 2005, operates in Russia and Ukraine through a franchise operated by Turkish company Fiba.

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