This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI7S06Q_L.jpg
The company, which suspended its business in Russia indefinitely in April, said it has about 400 employees in Russia and would provide financial support to affected employees.
More and more Western companies are selling their Russian businesses after announcing suspensions of operations in the weeks after Moscow sent tens of thousands of troops into Ukraine on Feb. 24.
Dell Technologies (NYSE:DELL) Inc said on Saturday it had ceased all Russian operations after closing its offices in mid-August.
Ericsson (BS:ERICAs), which had sent its employees on paid leave earlier this year, also recorded a 900 million crown ($95 million) provision in the first quarter for impairment of assets and other exceptional costs related to the move.
Its Finnish rival Nokia (NYSE:NOK) had already announced its decision to pull out of Russia, impacting about 2,000 employees. The Finnish company did not respond to a request for comment on when the exit will complete.
Russian daily Kommersant first reported Ericsson’s exit and said some of its support staff would move to a new firm that will be established by top managers in Russia. Ericsson did not comment on the new firm.
