Omnicom will withdraw its operations from Russia as it works with local partners to “dispose" of all of its “investment positions,” according to a statement by the company. Omnicom’s transfer of ownership in the region will take effect “within days,” a spokeswoman for Omnicom confirmed.
The holding company has 2,000 employees in the country.
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“We have been planning an orderly process to ensure continuity of services for clients and to provide a future for our Russian colleagues, some who have been with Omnicom for decades. We expect to finalize the details shortly,” the agency said in a statement.
The holding company declined to disclose how much of its revenue comes from its Russian operations or specifics on which agencies operate there. Ketchum is known to be one, which put out its own statement today.
"Ketchum will be disposing of its owned operations in Russia. This decision impacts Ketchum’s majority-held office in Moscow, which will no longer be part of the Ketchum-owned network. As soon as formalities are completed, the Moscow office will be independently led by its original founders and minority owners, Michael Maslov and Serguey Chumin, as it was before integrating into the Ketchum network in 2010."