Inditex has sold its Russian business; what are the implications?

Russia's Ministry of Industry and Trade announced on Wednesday that the government commission in charge of overseeing foreign investment gave the green light to a deal under which Spain's Inditex could sell 100 percent of the shares of Novaya Moda (formerly Zara CIS), Inditex's Russian unit, to Fashion and More Management DMCC, a buyer from the United Arab Emirates, one of Russia's so-called "friendly countries".