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Ericsson stops all operations in Russia

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According to the latest report, Swedish telecom equipment maker Ericsson said on Monday that it would suspend its operations in Russia indefinitely.

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“In light of recent events and EU sanctions, the company will now suspend affected business with Russian customers indefinitely, ” Ericsson said in a statement. Employees in Russia will be placed on paid leave, Ericsson said.

Moreover, Ericsson said it would record a 900 million Swedish krona impairment provision and other special charges related to the move in the first quarter. Ericsson suspended supplies to Russian customers in February this year.

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