Ericsson will wrap up its remaining Russian operations by the end of this year, according to local state media.
The Swedish telecom equipment manufacturer announced in February, following Russia’s invasion of Ukraine, that it would suspend deliveries to customers in Russia, in line with Western sanctions.
Then in April, the company placed its Russian employees on paid leave as it announced the indefinite suspension of operations.
“The priority is to focus on the safety and well-being of Ericsson employees in Russia and they will be placed on paid leave,” the company said at the time.
It is unclear whether the telecoms giant will cease its paid leave for employees in the country. The company in April set aside around £72m for its Russian asset impairment and other exceptional costs.
Russian newspaper Kommersant, owned by sanctioned oligarch Alisher Burkhanovich Usmanov, first reported on Monday that Ericsson notified the Russian division of its plan on 22 August, citing sources familiar with the matter.
Ericsson will provide “financial and social” support to employees, the paper reported the company as saying.
City A.M. has contacted Ericsson for comment.
The post Ericsson to wrap up remaining Russian operations, says local state media appeared first on CityAM.
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