One by one the world's major companies began to withdraw from the Russian market following economic sanctions imposed after the country invaded Ukraine last February. Now IBM has announced that they will close their operations in Russia.
In a memo released by CEO Arvind Krishna, IBM will begin to officially cease operations with the company previously only suspending operations since last March. Staff have still been paid salaries since March but will now lose their livelihood resources. The closure of operations in Russia will not have a major impact on the company as it will only account for 0.5% of IBM’s revenue in 2021.
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BUSINESS & MONEY