Schneider Electric has joined a growing list of technology firms exiting the Russian market after agreeing to sell its Russian unit to local management.
The French digital automation company is expected to write off €300m (£258.6m) in net book value because of this divestment.
The firm has put on hold new investments in Russia and Belarus as well as international shipments of new orders destined for Russia and Belarus since February.
For full-year 2021, the company generated approximately 2% of its total sales in Russia.
“Schneider Electric is planning an orderly transfer and allocates resources to support the employees in Russia and Belarus through the process,” the company said.
Schneider Electric isn’t the only firm to discontinue operations in the territory. Last month, Cisco withdrew from the markets of Russia and Belarus due to the ongoing war between Russia and Ukraine.
Other technology companies have followed the same path, including Microsoft, Amazon, Apple, IBM, ELKO Group and Intel.
