Russia-Ukraine War: Samsung suspends shipments to Russia, pronounces $6 million in assist | Companies News

New Delhi: Samsung Electronics stated on Saturday shipments to Russia have been suspended “due to current geopolitical developments.” “We continue to actively monitor this complex situation to determine our next steps,” the corporate stated in a press release.

Samsung Electronics is No. 1 in handsets in Russia with 30% market share as of the fourth quarter of 2021, forward of Xiaomi`s 23% and Apple`s 13% respectively, in response to information supplier Counterpoint.

Brands resembling smartphone rival Apple, Nike and IKEA have stopped gross sales, distanced themselves or paused enterprise in Russia because the nation has been hit with sanctions and worldwide criticism for its invasion of Ukraine. Changes in delivery routes are a further issue.

Chinese companies, which contributed 44% of the Russia handset market in 2021 in response to Counterpoint, have to this point stayed largely silent about their operations in Russia, as Beijing has shunned criticizing Moscow for the invasion of Ukraine. Also Read: Russia blocks Facebook, restricts Twitter to punish ‘pretend’ information experiences amid Ukraine struggle

Samsung can also be donating $6 million, together with $1 million in shopper electronics, in addition to voluntary donations from workers, to actively assist humanitarian efforts “around the region,” together with assist for refugees, it stated. Also Read: Opened many PPF Accounts to avoid wasting tax? Here’s what the brand new rule says

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