In March, the retail giant stopped shipments to Russia, but previously said complex franchise deals prevented it from withdrawing completely, with about 50 shops still open.
M&S reported pre-tax profits of 392 m for the year to 2 April, up from a loss of 209 m the previous year.
The company said it was facing higher food costs due to global supply issues and labour shortages, while factory, transport and freight costs, as well as continued supply issues in China, were putting pressure on its clothing and home business.
Inflation, the rate at which prices are priced, hit 9% in April, the highest level for 40 years, as household budgets are being squeezed by rising food, energy and fuel bills.
M&S, which was criticised for not pulling out of Russia at the beginning of the war, said it would face a 31 m hit from its exit.
The retailer opened its first store in Russia in 2005. The Russian arm is run by the Turkish company FiBA, which operates 48 shops under the M&S banner in the country with 1,200 employees.
Fast food giant McDonald's announced earlier this month that it was withdrawing from the country after more than 30 years and was selling its restaurants to a local buyer.
M&S, which is turning its business around after several years of decline, posted revenue of 10.8 bn in the 12 months to April - an increase of almost 7% on pre-pandemic levels in 2019-20.
It said it had seen strong performance in its clothing and home operation, as a result of a 55.6% surge in online sales. Its grocery sales were up by 10.1%.
It said the business had an encouraging start to the year but warned that rising inflation would hold its profits back in 2022 23.
Julie Palmer, partner at Begbies Traynor, said that the typical M&S customer tended to be wealthier and less hard hit by rising costs but could still choose to economise.