Samsung Electronics Suspends Shipments to Russia Amid Ukraine Crisis

Samsung has suspended shipments to Russia over “geopolitical developments”, the agency mentioned Saturday, as main corporations together with Apple minimize ties with the nation over its invasion of Ukraine.

The South Korean tech big is the world’s largest reminiscence chip maker and the main smartphone vendor in Russia.

“As a result of present geopolitical developments, shipments to Russia have been suspended,” Samsung mentioned in a press release.

“We proceed to actively monitor this advanced scenario to find out our subsequent steps.”

The choice comes as Western governments, sporting organisations and massive firms minimize Russia off and deal it punishing sanctions over the internationally condemned assault on its neighbour.

Samsung controls simply above 30 p.c of the smartphone market share in Russia, in accordance with Bloomberg Information — 4 p.c of the tech big’s complete international smartphone revenues.

Gross sales of semiconductors in Russia, in flip, accounted for lower than 0.1 p.c of Samsung’s earnings, in accordance with a report by Hana Monetary Funding.

South Korea, a key US safety ally, additionally this week introduced it might block monetary transactions with main Russian banks and their subsidiaries topic to US sanctions.

Samsung can also be donating $6 million (roughly Rs. 45.eight crore), together with $1 million (roughly Rs. 7.6 crore) in client electronics in addition to voluntary donations from staff, to “actively assist humanitarian efforts” and refugees within the area, the agency mentioned.