Ericsson suspends all business in Russia

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“In the light of recent events and of European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely,” it said in a statement.

Employees in Russia will be placed on paid leave, it said.

Ericsson said it would record a 900 million crown ($95 million) provision in the first quarter for impairment of assets and other exceptional costs related to the move.

In February, Ericsson paused deliveries to customers in Russia.

($1 = 9.4568 Swedish crowns)