Sanctions: Samsung suspends shipments of phones and chips to Russia | Economie

Samsung Electronics The company announced the suspension of shipments of its products to Russia “due to the current geopolitical events,” according to a statement issued by the company. It was captured by Bloomberg. The South Korean tech giant made the announcement after several companies, including Apple and Microsoft, took similar steps in the wake of the invasion of Ukraine. Samsung is the largest manufacturer of memory chips in the world and is the leading seller of smartphones in Russia. “We continue to monitor this complex situation closely to consider next steps,” the company says.

Work became in Russia In defiance of foreign companiesIn view of the sanctions, the US embargo on transactions with the country’s central bank and the rapid depreciation of the ruble. Shipments are also limited to flight restrictions. According to Bloomberg News, Samsung controls just over 30% of the market smart phones In Russia, which accounts for 4% of the tech giant’s turnover in this segment. In the Russian city of Kaluga, the company owns a television factory. Semiconductor sales in Russia account for less than 0.1% of Samsung Electronics’ profit, according to a report by Hana Financial Investment.

The influx of Western companies, sports organizations and multinational companies that cut ties with Moscow since the start of the war has not stopped. South Korea, a US ally, announced this week that financial transactions with major Russian banks and their subsidiaries that are subject to US sanctions will be banned. Samsung also makes donations to “actively support humanitarian efforts” to alleviate the problems faced by hundreds of thousands of refugees in the region. “Our thoughts are with everyone affected, and our priority is to ensure the safety of all our employees and their families,” Samsung said in the statement.