Ericsson suspends its business in Russia indefinitely
In late February, Swedish telecom company suspended all deliveries to customers in Russia. Now, the company says that it will suspend its business in Russia indefinitely.
”In the light of recent events and of European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely,” the company writes in an update.
Ericsson says its priority is to focus on the safety and well-being of its employees in Russia and they will be placed on paid leave.
As a consequence of this decision, Ericsson expects to records a SEK 900 million (EUR 87.4 million) provision in first quarter 2022 for impairment of assets and other exceptional costs.