More Western companies are leaving their operations in Russia. Ericsson, a Swedish telecommunications corporation, has announced that it will cease operations in Russia indefinitely.
“In late February, Ericsson suspended all deliveries to customers in Russia. In the 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,” In a comment, the company noted.
Employees in Russia will be placed on paid leave, according to the company.
In the first quarter of 2022, Ericsson stated it will record a 900 million Swedish krona ($95 million) provision for asset impairment and other extraordinary costs.
Societe Generale, a French banking and insurance conglomerate, has announced the sale of its entire ownership in Rosbank and its Russian insurance subsidiaries to Interros Capital, a former shareholder of Rosbank.
In a press release, the organization declared that it would be leaving.“in an effective and orderly manner from Russia, ensuring continuity for its employees and clients.”
According to the news release, the deal is still awaiting approval from the relevant regulatory and anti-trust authorities.“The closing of this operation should occur within the coming weeks,” Societe Generale said, adding that it would lead to a write-off of about 2 billion euros ($2.2 billion).