Swedish flatpack giant IKEA on Tuesday warned it could reduce its investment in Russia after a court ordered it to pay more than $7.8 million in damages in a long-running legal dispute. IKEA said it had plans to invest more than 100 bllion rubles ($1.54 billion) in Russia but "recent activities aimed at the IKEA Group related to old legal cases could slow down these investment plans."
It issued the statement after a court in the western Russian city of Smolensk ordered IKEA to pay more than 507 million rubles to Russian businessman Konstantin Ponomaryov as part of a decade-long legal wrangle over supplying power to stores in the second city of Saint Petersburg.