• The U.S. chipmaker will continue to support its 1,200 Russian employees.
• Even GlaxoSmithKline has now suspended imports of vitamins into Russia.

According to reliable sources, Intel Corporation has halted its business operations in Russia, following in the footsteps of various corporations following the country’s invasion of Ukraine. The tech giant had already suspended its shipments to Belarus and Russian customers and now has planned for business continuity measures to minimize disruption caused to its worldwide operations.

Intel cited that it would support the global community in calling for a swift return to peace and condemning Russia’s invasion of Ukraine. However, the U.S. chipmaker will continue to support all 1,200 employees of Russia during these tough times.

Even IBM Corporation has also halted its shipments to Russia as Ukraine implored all cloud computing and software companies to shut down their businesses in Moscow.

Severs from Dell Technologies Inc., IBM Corporation, and Hewlett Packard Enterprise Company top the charts in the Russian market, where government agencies, as well as companies, have known to rely heavily on technologies developed by the West to support their owned-and-operated IT systems.

In similar developments, multinational pharmaceutical giant GlaxoSmithKline plc has reportedly halted imports of vitamins and supplements into Russia to minimize its ties with Moscow. The company has shown open support to Western sanctions and is taking precautionary measures to cease its direct involvement with the Russian government or military.

Given the slew of sanctions, Russia is moving closer to a potential default on its international debt as it was found to pay all its dollar-bond holders in rubles. The country also intends to continue to do so since its foreign exchange reserves were barred by global sanctions.

The U.S. recently suspended Russia from paying bondholders more than USD 600 million from its freezing reserves held at U.S. banks as well as forcing Moscow to choose between defaulting or draining its dollar reserves.

Source Credits:

https://economictimes.indiatimes.com/tech/technology/intel-becomes-latest-western-tech-firm-to-suspend-business-in-russia/articleshow/90677669.cms