Russia’s invasion of Ukraine started in February 2022 and is a battle still raging today with no end. The western world has opted for various forms of protests against Russia, with many companies suspending operations in the region.
H&M, Ikea, Starbucks, McDonald’s, and many more major corporations no longer provide services in the country. IBM also stopped operations back in March and is now laying off its entire staff. Following this, several hundred people could lose their jobs.
IBM suspends operations
According to the CEO, Arvind Krishna, the company suspended operations so it could assess long-term plans. In a memo, he wrote that he’s well aware of his employees in Russia, who have endured months of uncertainty.
He added that IBM would stand by them and take measures to ensure a smooth transition and provide all the support they can. Although it was made public recently, IBM sent the memo to all staff members on 30th May.
It is important to mention that while IBM halted its operations months ago, it was still paying its Russian employees. However, US sanctions on banks have made it difficult for IBM to pay its workers.
Krishna also lauded the ‘IBMers’ for their generosity and donations, who have contributed $2 million to the International Red Cross to help Ukrainians in need.
“We remain united in our hope for an end to this war and the restoration of peace,” he said.
Although in good intentions, IBM will also face a loss, as in 2021, Russia accounted for 0.5% of its total revenue. The tech giant also has high-profile customers in Russia, like railways, federal banks, and energy companies.
Russia’s invasion of Ukraine
Due to the war in Ukraine, over 3,000 people have lost their lives, and over 3,680 were injured heavily. According to the UN, more than 4.7 million refugees have fled the area and are currently in different European countries.