Swedish-Swiss company ABB leaves Russian market

The Swedish-Swiss company ABB, engaged in electrical engineering and power engineering, has decided to leave the Russian market.

The company’s website reported that it stopped accepting new orders in Russia after the start of the “special operation” in Ukraine.

However, some obligations to clients were nevertheless fulfilled, which did not contradict anti-Russian sanctions.

ABB indicated that the company lost about $57 million in the second quarter, where $23 million will affect the results of the third quarter.

Most of the Russian employees of the organization have been on vacation since March 2022. In total, 750 people are working in Russia, the company has two production sites and several service centres. The Russian market accounted for about 2% of the company's annual revenue.