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Samsung Elec says shipments to Russia suspended, donating $6 million in aid

SEOUL (Reuters) – Samsung Electronics (OTC:SSNLF) said on Saturday shipments to Russia have been suspended “due to current geopolitical developments.”

“We continue to actively monitor this complex situation to determine our next steps,” the company said in a statement.

Samsung (KS:005930) Electronics is No. 1 in handsets in Russia with 30% market share as of the fourth quarter of 2021, ahead of Xiaomi (OTC:XIACF)’s 23% and Apple (NASDAQ:AAPL)’s 13% respectively, according to data provider Counterpoint.

Brands such as smartphone rival Apple, Nike (NYSE:NKE) and IKEA have stopped sales, distanced themselves or paused business in Russia as the country has been hit with sanctions and international criticism for its invasion of Ukraine. Changes in shipping routes are an additional factor.

Chinese firms, which contributed 44% of the Russia handset market in 2021 according to Counterpoint, have so far stayed largely silent about their operations in Russia, as Beijing has refrained from criticizing Moscow for the invasion of Ukraine.

Samsung is also donating $6 million, including $1 million in consumer electronics, as well as voluntary donations from employees, to actively support humanitarian efforts “around the region,” including aid for refugees, it said.

Source : Reuters

© Reuters. Samsung signage is seen in a store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly

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