All Shipments Suspended To Russia By Samsung Electronics
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All Shipments Suspended To Russia By Samsung Electronics

    Posted by Sparsh Dayal On 05-Mar-2022 08:29 AM

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Samsung Electronics Suspends Shipments to Russia

Samsung has suspended shipments to Russia over "geopolitical developments", the firm claimed on Saturday, as significant firms including Apple cut ties with the country over its attack on Ukraine.

The South Korean tech monster is the world's greatest memory chip producer and the main cell phone dealer in Russia.

Also Read: Microsoft 'STOPS' Sales of Products & Services in Russia

"Due to current geopolitical developments, shipments to Russia have been suspended," Samsung said in an announcement.

"We continue to actively monitor this complex situation to determine our next steps."

The choice comes as Western governments, featuring associations and enormous organizations, cut Russia off and give it rebuffing sanctions over the universally condemned assault on its neighbor.

Samsung controls simply over 30% of the smartphone portion of the overall industry in Russia, as indicated by Bloomberg News - four percent of the tech monster's absolute worldwide smartphone revenues.

Deals of semiconductors in Russia, thus, represented under 0.1 percent of Samsung's profits, as per a report by Hana Financial Investment.

Also Read: Leaked: Samsung Galaxy M23 5G Details Online

South Korea, a key US security partner, likewise this week reported it would block financial transactions with significant Russian banks and their subsidiaries subject to US sanctions.

Samsung is additionally giving $6 million (generally Rs. 45.8 crores), including $1 million (generally Rs. 7.6 crores) in consumer electronics as well as deliberate gifts from company’s employees, to "actively support humanitarian efforts" and refugees in the area, the firm said.