Ericsson suspends operations in Russia.
More western firms are leaving their business in Russia. Swedish telecommunications company Ericsson said it was suspending business in Russia indefinitely.
“At the end of February, Ericsson suspended all shipments to customers in Russia. In light of recent events and European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely.
“Ericsson is engaging with customers and partners regarding the indefinite suspension of the affected business,” the company said in a statement.
He added that its employees in Russia will not be paid for this period.
Ericsson said it would record a provision of SEK 900 million ($ 95 million) in the first quarter of 2022 for impairment of assets and other extraordinary costs.
French banking giant Societe Generale has suspended banking and insurance activities in Russia and announced the sale of all its shares in Rosbank and Russian insurance subsidiaries to Interros Capital, the former shareholder of Rosbank.
The group said in a press release that it would leave Russia “effectively and orderly, ensuring continuity for its employees and customers.”
The transaction remains subject to approval by the relevant regulatory and antitrust authorities, according to the press release.