PickPoint, a notable logistics service, announced to its partners that it will cease operations in Russia. This decision was reported by Kommersant, drawing on industry sources and an internal letter from the company’s chief executive, Nadezhda Romanova.
The letter explains that the halt in operations stems from financial strains tied to a shrinking turnover. Romanova notes that the drop is linked to the withdrawal of Western retailers, which have formed the bulk of PickPoint’s client base, and the ensuing challenge of securing funding from Western investors.
According to the CEO’s message, effective April 4, the service will stop accepting new shipments from both corporate clients and private individuals. In addition, shipments that are not delivered or claimed within the defined window will be returned to customers between April 6 and April 30.
Earlier reports in February highlighted that PickPoint, a major participant in Russia’s delivery market, encountered financial difficulties tied to foreign ownership. The company halted acceptance of package shipments from many cities in the country, signaling a broader rethink of its operations during this period.