MOSCOW, August 24. /TASS/. IKEA is not looking for a buyer of its business in Russia and plans to reopen stores and storages within two years, a source close to the Swedish retailer told TASS on Wednesday.

Warehouses and stores will remain closed until the retailer’s return and plants in case of their sale will provide IKEA with a right to produce goods in future at contractual prices, the source noted.

"IKEA is not going to sell its business in Russia, what it has never done in other countries also. The retailer plans to return to Russia independently within a year or two, after the change of the economic situation and sanction pressure softening. Stores, the so-called ‘blue boxes,’ will remain closed until the return of IKEA and will probably let on lease since the next year. The company at the same time keeps about 700 employees that will continue working in offices and do the job for Swedish colleagues," the source added.

"Keeping the corporate culture and working standards for IKEA" was the decision in principle when accepting the scenario of operations suspension in Russia, the source noted.

"The company is selling plants in view of pressure from Sweden but with the option that these plants will later produce furniture and other merchandize under its orders at an acceptable cost. The strategy is to vacate warehouses and retain stores - yet closed so far," the source added.