SHARE
COPY LINK

ABB

Swedish engineering giant ABB to quit Russia over Ukraine

Swedish-Swiss engineering giant ABB said on Thursday it will quit Russia as a result of the war in Ukraine and the related international sanctions against Moscow.

Swedish engineering giant ABB to quit Russia over Ukraine
A worker at Hitachi ABB Powergrids in Ludvika. Photo: Fredrik Sandberg / TT

Russia accounts for only one or two percent of ABB’s overall annual turnover and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

“ABB has decided to exit the Russian market due to the ongoing war in Ukraine and impact of related international sanctions,” the group said in a statement.

Russia accounts for only one or two percent of ABB’s overall annual sales and the decision to pull out will have an estimated financial impact in the second quarter of around $57 million, the group calculated.

READ ALSO: 

A large number of major western companies have pulled out of Russia since Moscow invaded its pro-Western neighbour on February 24.

“When the war broke out, ABB stopped taking new orders in Russia,” the group said.

At the same time, it said it continued to fulfill “a small number of existing contractual obligations with local customers, in compliance with applicable sanctions.”

Most of ABB’s dedicated Russian workforce has been on leave since March “and the company will do its best to support them as it realigns its operations in a controlled manner,” it said.

ABB has about 750 people in Russia and two production sites in the country located in the Moscow region and Lipetsk, as well as several service centres.

Separately, the group said that its net profit fell by 50 percent to $379 million in the second quarter, largely as a result of one-off charges, but also the cost of withdrawing from Russia.

Sales, on the other hand, grew by six percent to $7.2 billion in the period from April to June, ABB said.

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.

SWEDEN AND RUSSIA

Russian foreign minister decries Sweden’s ‘inhuman’ gender-neutral toilets

Russia's long-time foreign minister Sergei Lavrov has raised eyebrows by expressing his indignation at being forced to use a gender-neutral toilet at an OSCE summit in Stockholm.

Russian foreign minister decries Sweden's 'inhuman' gender-neutral toilets

“It’s what I saw in Sweden last year when I was attending a session of the OSCE Council of Ministers,” Lavrov told the audience at Primakov Readings, a forum dedicated to the memory of Yevgeny Primakov.

“I asked where the toilet was in the break, and I was shown a door with the words “WC”. I asked ‘is that the ladies or the gents?’, and I was told, ‘it’s for everyone’. I couldn’t believe it but that’s really how it was. You cannot imagine how inhuman this is.”. 

Lavrov’s statement came at the end of a diatribe against Western gender identity politics, in which he claimed that in the US and Europe “the diversity of genders has now exceeded 80”.  

The section was first picked up by Francis Carr, a Russia specialist at BBC Monitoring. 

“Once a fearsome diplomat, Russian Foreign Minister Sergei Lavrov is now complaining about gender-neutral toilets in Sweden,” Scarr tweeted. 

Unsurprisingly to those who know the country well, the main reaction on Swedish Twitter was to criticise the standards of plumbing in Russia, rather than to focus on Lavrov’s views on gender identity. 

“It’s pretty rich of Lavrov to whine about there being gender-equal toilets in Sweden at the same time as one in four Russians aren’t connected to the sewage system and one in every ten lacks an indoor toilet,” Victor Rundqvist, a Centre Party county councillor from Halmstad, in a typical tweet

Yevgeny Primakov was a former Russian prime minister, foreign minister, and KGB foreign intelligence chief. 

SHOW COMMENTS