(Bloomberg) -- Adidas AG said Tuesday that it's immediately suspending its partnership with the Russian Football Union following that country's invasion of Ukraine.
The German sports company, which been partnered with the Russian football program for years, is joining FIFA and UEFA in censuring Russia.
Those organizations on Monday decided together that all Russian teams, whether national representative teams or club teams, shall be suspended from participation in both FIFA and UEFA competitions until further notice. The International Olympic Committee has also urged sports federations around the world to exclude athletes from Russia and Belarus.
Adidas signed a longterm partnership with the Russian Football Union in 2008 and featured prominently when the country hosted the World Cup in 2018.
The company had a seat on FIFA's independent advisory board on human rights, which was created in 2017.
In 2020, Adidas had sales of 584 million euros ($651 million) in Russia and the Commonwealth of Independent States, equivalent to 2.9% of its total revenue. The company will report full-year 2021 earnings on March 9.
©2022 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
