Breaking News: Estee Lauder to suspend all commercial activities in Russia

FILE PHOTO: An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. REUTERS/Lucy Nicholson/File Photo

The New York-based cosmetics giant, Estee Lauder has suspended business investments and initiatives in the country.

Russia was one of the company’s strongest performers in the most recent quarter, helping to offset volatility in the Chinese market amid Covid-19 lockdowns there.

Estee Lauder ectracts a revenue of nearly 2.7% from Russia, accorfing to a recent report by the Yale School Of Management. The comapny has been operating in Russia for more than three decades.