Technology company IBM is winding up its business operations in Russia and started laying off its employees. Earlier in March 2022, the company had suspended its Russian operations.
"As the consequences of the war continue to mount and uncertainty about its long-term ramifications grows, we have now made the decision to carry out an orderly wind-down of IBM's business in Russia," IBM CEO Arvind Krishna wrote in a memo to employees.
"Our colleagues in Russia have, through no fault of their own, endured months of stress and uncertainty. I want to assure them that IBM will continue to stand by them and take all reasonable steps to provide support and make their transition as orderly as possible," Krishna added.
An earlier report by Reuters revealed that the US sanctions on Russian banks made it harder for the company to pay its workforce in Russia. A spokesperson told Reuters that there were several hundred employees in Russia.
According to a report by Engadget, Russia accounted for around 0.5 per cent of IBM’s total revenue last year or $300 million of $57.4 billion.