Toshiba announced the suspension of orders and investments in Russia

The Japanese technology company Toshiba announced its exit from the Russian market.The company motivated this decision by the situation in Ukraine

The Japanese corporation Toshiba is suspending orders and investments in RUSSIA due to the situation in Ukraine, according to a statement on the company's website.

“In response to the situation in Ukraine, the Toshiba group <...> has suspended taking orders and investing in Russia. We will continue to monitor the situation and very much hope for a speedy end to the conflict,” the statement said.

In addition, the company intends to transfer 100 million yen to the UN Commission on Refugees and Japan Platform, an NGO that provides humanitarian assistance.

Investment fund offers $18 billion to buy Toshiba

According to the company, Russia's share of total revenue for the first quarter of 2022 is 0.2%. Toshiba estimates total revenue at 3,340,000 million yen.

"While the impact on our business as a whole is minimal, we will promptly report any material impact on the performance of the Toshiba Group that may be caused by changes in the current situation," the company said.

Earlier, five Japanese companies suspended their exports to Russia: Panasonic, Hitachi Construction Machinery, Komatsu, Tadano and Yamaha Motor. The companies made this decision due to economic and logistical difficulties.

After the start of a special military operation in Ukraine, the Japanese authorities imposed sanctions against Russia. On April 12, 397 Russian citizens, 25 companies and two banks, Sberbank and Alfa-Bank, were included in the sanctions list. In addition, the authorities banned new investments in Russia.

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The day before, a ban on the import of Russian wood, ALCOHOL and some equipment came into force. The restriction does not apply to exports from Japan and the import of goods for personal use.