Samsung Electronics Co said Monday that it has temporarily suspended product shipments to Russia due to major disruptions in global logistics over the unrest over the Russian invasion of Ukraine.
“Samsung was forced to stop shipments to Russia due to various factors, including logistics issues and unstable exchange rates, like many other global companies,” a spokesman of the company told Yonhap News Agency.
Global shipping companies, including Maersk, have halted most deliveries to Russia following a slew of Western sanctions against Russia, and Russia’s rouble has recently plummeted to record lows amid the intensified geopolitical risks.
The South Korean tech giant said it was looking for measures to deal with the volatile business environment.
The tech giant has been operating in Russia for nearly 30 years. The company was honoured to be named “favourite brand of Russians” by Moscow-based Online Market Intelligence from 2011-2016.
Samsung was also the leading mobile device vendor in Russia last year, occupying around 26.6% of the market, closely followed by Apple, according to German market researcher Statista.
Over the weekend, Samsung said it will donate US$6 million to support humanitarian efforts for Ukrainian refugees, including US$1 million in consumer electronics products.