Samsung Electronics has suspended shipments to Russia due to “geopolitical events”, the South Korean tech giant announced following numerous companies, including Apple, took similar action following the invasion of Russia. ‘Ukraine.
Samsung is the world’s largest memory chip maker and the top seller of smartphones in Russia. “Due to current geopolitical events, shipments to Russia have been suspended”Samsung said in a statement. “We continue to monitor this complex situation closely to consider next steps.”
The announcement comes as Western governments, sports organizations and multinational corporations cut ties with Moscow and imposed harsh sanctions on Russia in the days following its internationally condemned invasion of Ukraine.
According to Bloomberg News, Samsung controls just over 30% of the smartphone market in Russia, which represents 4% of the tech giant’s global revenue in this sector.
Semiconductor sales in Russia, meanwhile, account for less than 0.1% of Samsung Electronics’ profits, according to a report by Hana Financial Investment.
South Korea, an ally of the United States, announced this week that financial transactions with major Russian banks and their subsidiaries subject to US sanctions will be blocked.
Samsung also donated $6 million, including $1 million in consumer electronics as well as voluntary donations from its employees, for “actively support humanitarian efforts” and refugees in the region, the company said.
