SAMSUNG Electronics has suspended shipments to Russia due to “geopolitical developments,” the company announced today, as prominent corporations such as Apple broke connections with Russia following its invasion of Ukraine.
The South Korean tech behemoth is the world’s largest memory chip manufacturer and Russia’s top smartphone seller.
“Due to current geopolitical developments, shipments to Russia have been suspended,” Samsung said in a statement.
“We continue to actively monitor this complex situation to determine our next steps.”
The decision comes after Western governments, sporting groups, and major corporations broke ties with Russia and imposed penalties in response to the universally criticized attack on its neighbor.
According to Bloomberg News, Samsung holds little over 30% of the smartphone market share in Russia, accounting for 4% of the tech giant’s total global smartphone revenues.
Reports by Hana Financial Investment stated that semiconductor sales in Russia contributed for less than 0.1 percent of Samsung Electronics’ profitability.
This week, South Korea, a key US security ally, stated that it would prohibit financial dealings with large Russian banks and their subsidiaries that are subject to US sanctions.
According to the company, Samsung is also providing $6 million to “actively support humanitarian efforts” and refugees in the region, including $1 million in consumer electronics and voluntary donations from employees.
