Hermès temporarily closes all stores in Russia

French luxury brand Hermès announced Friday that it will temporarily close all its stores in Russia, saying it was "deeply concerned by the situation in Europe."

The big picture: It's one of the first big luxury brands to announce such a move. Other businesses and companies worldwide have abandoned operations in Russia and condemned its unprovoked invasion of Ukraine.

• Governments have also imposed financial sanctions on Russia in an effort to isolate it from the rest of the world.

What they're saying: "Deeply concerned by the situation in Europe at this time, it’s with regret that we have taken the decision to temporarily close our stores in Russia and pause all our commercial activities," starting March 4, Hermès said.

• "We will continue to stand by our local teams."

Go deeper:

• Axios explains Ukraine
• The latest on the Russia-Ukraine crisis