Swedish-Swiss company ABB leaves Russian market

The Swedish-Swiss concern ABB, specializing in electrical and power engineering, announced its decision to leave the Russian market, the company said in a statement.

According to Report, the financial consequences of leaving the Russian Federation in the second quarter amounted to $57 million. Of these, $23 million will affect cash flow in the third quarter.

The company has two production sites in the country, located in the Moscow region and Lipetsk, as well as several service centers, the statement reads.

Before ABB stopped accepting new orders, Russia accounted for approximately 1-2% of the annual revenue of the ABB group, it says.