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Re: Ericsson suspends business in Russia, puts staff on paid leave

By: Cactus Flower in ALEA | Recommend this post (0)
Mon, 11 Apr 22 1:26 PM | 14 view(s)
Boardmark this board | The Trust Matrix 		Msg. 45337 of 54959
(This msg. is a reply to 45336 by clo2)
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Suspensions of this sort are more like long vacations. They are holding onto their employees and will want to start up their operations as soon as it is feasible. Not sure it puts much sanctions pressure on Putin.

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The above is a reply to the following message:
Ericsson suspends business in Russia, puts staff on paid leave
By: clo2 in ALEA
Mon, 11 Apr 22 1:19 PM 		Msg. 45336 of 54959

Ericsson suspends business in Russia, puts staff on paid leave

STOCKHOLM, April 11 (Reuters) - Ericsson (ERICb.ST)is suspending its business in Russia indefinitely and has put employees on paid leave, six weeks after the Swedish telecom equipment maker started a review of the impact of Western sanctions on its operations.

The company said on Monday 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.

Ericsson has about 600 employees in Russia, a spokesperson said.

Hundreds of Western companies have either withdrawn or suspended operations in Russia since the country invaded Ukraine in February while Western governments have imposed sanctions.
more:
http://www.reuters.com/business/ericsson-says-suspend-business-russia-indefinitely-2022-04-11/

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