German sportswear firm Adidas saw the value of its shares plunge by over 15% after issuing a profit warning, citing tension in Eastern Europe as one of the main reasons for lowering its target for the year.

A statement from the firm read: "The recent trend change in the Russian ruble as well as increasing risks to consumer sentiment and consumer spending from current tensions in the region point to higher risks to the short-term profitability contribution from Russia/CIS."

Russia has recently been hit with a fresh batch of sanctions by the US and EU with the intention of damaging its economy.

In light of this, Adidas has decided to "significantly reduce" its strategic operations in the country, including opening fewer stores in the region over the next year.

The World Cup sponsors, which is due to be held in Russia in 2018, had expected net profits of between €830m-930m but it has since drastically lowered its forecast to approximately €650m for the year.

Adidas' share value plummeted on the back of the profit warning by 15.15% in early morning trading, dropping to €59.73.