Ikea shuts Russian stores and warns of price rises amid cost and supply chaos

Ikea is one of the first to also halt business with Belarus

Russia is Ikea's 10th largest market, contributing annual retail sales of €1.6bn - 4% of the group's total.

Ikea, the world's biggest furniture brand, is closing its stores in Russia and pausing all sourcing in the country and ally Belarus, joining the wave of Western firms curbing business with Russia after its invasion of Ukraine.

The news came as Ikea store owner Ingka Group's retail manager said the budget furniture-maker now expects to raise prices by an average of 12% this fiscal year, up from 9% flagged previously amid soaring raw material costs and supply chain disruptions.