Ericsson suspends all business in Russia

 

STOCKHOLM : Swedish telecom equipment maker Ericsson said on Monday it was suspending its business in Russia indefinitely.

"In the light of recent events and of European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely," it said in a statement.

Employees in Russia will be placed on paid leave, it said.

Ericsson said it would record a 900 million crown ($95 million) provision in the first quarter for impairment of assets and other exceptional costs related to the move.

In February, Ericsson paused deliveries to customers in Russia.

($1 = 9.4568 Swedish crowns)