Ericsson and Societe Generale “break up” the Russian market

In a statement, the Ericsson group stated in light of recent events and sanctions of the European Union (EU) to Russia, it will indefinitely cease doing business in Russia. The airline is communicating with customers and partners regarding the indefinite suspension of business in Russia.

Ericsson stressed that its priority is to focus on the safety and health of its employees in Russia and these employees will receive paid leave.

Earlier, at the end of February, Ericsson announced that it would stop all deliveries to Russia after the country launched a special military operation in Ukraine on February 24. Ericsson has about 600 employees in Russia and is the main supplier to MTS – Russia’s largest carrier, and Tele2 – the country’s fourth largest operator.

On the same day, French bank Societe Generale announced that it was shutting down its operations in Russia and was selling its majority stake in Russia’s Rosbank.

In a statement, Societe Generale said the bank’s withdrawal from Russia would cost 3.1 billion euros ($3.4 billion). The statement said, Societe Generale ceased all banking and insurance activities in Russia.

Societe Generale also announced the signing of a purchase and sale agreement to sell all of its shares in Rosbank and its insurance affiliates. Societe Generale expects this agreement to be completed within the next few weeks so that it can withdraw from Russia in an orderly and efficient manner, in order to ensure continuity for its employees and customers.

Since February 24, hundreds of Western companies, from Ikea to Coca-Cola, Goldman Sachs and McDonald’s have stopped operating in Russia.

* Invite readers to watch programs broadcast by Vietnam Television on TV Online and VTVGo!