Swedish-Swiss electrotechnical concern ABB leaves Russia

15:36, Thursday, 21 July, 2022
Swedish-Swiss electrotechnical concern ABB leaves Russia

The Swedish-Swiss concern ABB, which specializes in the field of power engineering and electrical engineering, is leaving the Russian market. This was announced on Thursday, July 21st.

According to the information published on the company’s website, such a decision was made due to the ongoing Russian special operation in Ukraine and international sanctions. “The financial impact (of leaving Russia) in the second quarter was $57 million, of which $23 million will affect cash flow in the third quarter,” ABB added.

The concern has two production sites in Russia – in the Moscow region and Lipetsk, and several service centers. The enterprises employ about 750 people, most of them have been on vacation since March. ABB has promised to do everything possible to support employees.

After the start of the special operation in Ukraine and the introduction of large-scale anti-Russian sanctions, many foreign companies announced their withdrawal from Russia and selling their business in the country. At the same time, the Russian authorities believe that Western companies do not really want to leave the Russian market and prefer to temporarily go into the shadows, not advertising the continuation of business in Russia.

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