Samsung suspended shipments to Russia due to “geopolitical developments,” the company said on Saturday, as major firms including Apple severed ties with the country over the invasion of Ukraine.
The South Korean tech giant is the world’s largest maker of memory chips and the top seller of smartphones in Russia.
“Due to current geopolitical developments, shipments to Russia have been suspended,” Samsung said in a statement.
“We continue to actively monitor this complex situation to determine our next steps.”
The decision comes as Western governments, sports organizations and big companies cut Russia off and sanction it over the internationally condemned attack on its neighbor.
Samsung controls just over 30 percent of the smartphone market share in Russia, according to Bloomberg News – four percent of the tech giant’s total global smartphone revenue.
Semiconductor sales in Russia accounted for less than 0.1 percent of Samsung’s profit, according to a report by Hana Financial Investment.
South Korea, a key US security ally, also announced this week that it would block financial transactions with major Russian banks and their subsidiaries, which are subject to US sanctions.
Samsung is also donating US$6 million (about Rs.45.8 billion), including US$1 million (about Rs.7.6 billion) to consumer electronics, as well as employee voluntary donations to “humanitarian efforts” and refugees “to actively support” in the region, as the company calls it.
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