Swiss Sandvik eyes to leave Russia

One more company intends to leave the Russian Federation.

Swiss engineering Sandvik company has decided to leave the Russian Federation, Russia’s Moskovskij Komsomolets newspaper reports referring to the company.

Earlier it was reported that Sandvik suspended its work on the Russian market on February 28, 2022. Since then, the company has constantly assessed the situation, adapted to it and decided to curtail its activity in the Russian Federation.

The company said that it is trying to show responsibility to the employees by complying with the applicable restrictive measures imposed against Russia.

Leaving the Russian Federation will cost the company 1 billion crowns (more than $98.5 million). Approximately 3.6 per cent of Sandvik's revenues accounted for the Russian Federation in 2021.