Ericsson To Wind Down Business Activities In Russia

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Ericsson (ERICb. ST) said it will gradually wind down business activities in Russia; as the Swedish telecoms equipment maker completes its obligations to customers.

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 Inc (DELL. N) said it had ceased all Russian operations after closing its offices in mid-August. read more

Ericsson, 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.

Reuters.

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