IKEA retains plans for Ukraine, scuttles expansion in Russia

Swedish retail giant IKEA is sticking with its plans to develop shopping centers in Kyiv, Kharkiv, Dnipropetrovsk, Odesa, Donetsk and Lviv, Interfax reported yesterday, citing IKEA PR Director in Russia & CIS Oksana Belaychuk. According to Belaychuk, IKEA is currently negotiating and looking for interesting sites for stores. She spoke following a statement by IKEA founder Ingvar Kamprad that it would suspend further investment into Russia because what it termed unpredictable administrative processes, which has been widely interpreted in the press as meaning pervasive corruption and demands for bribes.