Uniqlo stays put in Russia; Netflix, Amex sever ties

Uniqlo owner Fast Retailing will keep its stores in Russia open, joining a small group of international firms that have stayed put even as dozens of big brands pause operations or exit the country over its invasion of Ukraine.

"Clothing is a necessity of life. The people of Russia have the same right to live as we do," the Japanese apparel retailer's CEO Tadashi Yanai said, according to emailed remarks first published by Nikkei and reported by Bloomberg News.

Political pressure is building on companies to halt business in Russia while sweeping sanctions affecting everything from global payments systems to a range of high-tech products have complicated operations. Large shippers have suspended container routes to and from Russia and many Western companies including Nike Inc, Swedish home furnishing retailer Ikea and British energy giants BP and Shell have closed shops or announced plans to exit Russia.

On Sunday, streaming giant Netflix, two of the Big Four accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) and credit card company American Express cut ties with Russia. French yoghurt maker Danone, which makes around 6 per cent of its sales in Russia and Ukraine, said on Sunday it was suspending investment in Russia and that one of its two factories had closed in Ukraine.

McDonald's Corp and PepsiCo Inc are among companies continuing to operate in Russia, prompting New York state's pension fund - a shareholder in the pair - to urge them to consider pausing their operations there.

Russia said on Monday it will hold fire and open humanitarian corridors in several Ukrainian cities, after fighting halted weekend evacuation efforts and civilian casualties mounted. Russia calls the campaign it launched on February 24 a  "special military operation". It has denied attacking civilian areas and says it has no plans to occupy Ukraine.