Samsung, which is the world’s biggest memory chip maker and the leading smartphone seller in Russia, has suspended the shipments of its products to the country over the recent invasion of Ukraine.
In a statement cited by BizWatch Nigeria on Saturday, March 5, 2022, the South Korean tech giant said due to geopolitical related issues, it would not supply Russia with its products, at least for now.
“Due to current geopolitical developments, shipments to Russia have been suspended,” the statement from Samsung read. “We continue to actively monitor this complex situation to determine our next steps.”
What you should know about Samsung and its market in Russia
Samsung isn’t the first company to suspend sales to Russia. Other tech giants that have followed suit are -Apple, Microsoft, and HP.
With the latest development in the global tech industry, Samsung would not ship any more of its smartphones, chips, and other consumer electronics products to Russia.
However, according to Bloomberg, Samsung controls more than 30% of the smartphone market share in Russia, which represents just only 4% of the tech giant’s total global smartphone revenues.
Sales of semiconductors in Russia, in turn, accounted for less than 0.1% of Samsung Electronics’ profits, according to a report by Hana Financial Investment.
Meanwhile, Russia’s defence ministry had announced a ceasefire to allow residents of two besieged cities, Mariupol and Volnovakha, to evacuate.
“Today, March 5, from 10 am Moscow time, the Russian side declares a regime of silence and opens humanitarian corridors for the exit of civilians from Mariupol and Volnovakha,” the defence ministry stated.
