Ikea says it will scale down its business in Russia

Swedish furniture company Ikea on Wednesday said it had made the "difficult decision" to scale down its business in Russia, pointing to a significant deterioration in supply chains around the world.

"In view of this, we do not see any possibility to resume sales in the foreseeable future," the company said.

In March, Ikea temporarily closed stores and paused sourcing in Russia, but had continued paying employees.

Ikea said it would start looking for new owners of four of its factories.