Societe Generale, Ericsson suspend activities in Russia

French financial group Societe Generale and the Swedish telecommunications company Ericsson have suspended operations in Russia following the latter’s invasion of Ukraine.

 

The French group, which has been operating in Russia for banking and insurance since 1993, will sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank.

 

The Swedish company stopped supplying new equipment to Russia back in February, and now, has stopped service altogether.

 

Russia’s economy is facing serious problems as a result of international sanctions imposed over its attack on Ukraine. According to the World Bank, the Russian economy, which has been hit by unprecedented sanctions, is already in a deep recession.