DSG International, Europe's largest specialist electrical goods retailer, has pulled out of plans to enter the Russian marketplace.
DSG controls some of the UK's best-known High Street retailers
The UK firm, which owns the Currys and PC World stores, made the announcement as it posted a dip in full-year profit.
Its underlying pre-tax profit fell 5% to £295.1m in the year to 28 April, despite sales rising 14% to £7.9bn.
Instead of going into Russia, DSG said it would now return £100m to investors through a share buyback programme.
"Since we signed our option agreement with [Russian retailer] Eldorado, we have learnt a great deal about both the company and the market in which it operates," DSG said in a statement.
"This due diligence has led the board to conclude that it is not appropriate to proceed with this investment."
DSG's shares ended the trading day in London down 1 pence, or 0.59%, to settle at 169.5.
Back in March, DSG was forced to announce that it had discovered a "significant fraud operation" within one of its French businesses.