Home / Companies / News /  Infosys to move business out of Russia amid Ukraine crisis
Listen to this article

Indian software giant Infosys announced on Wednesday that it is moving its business out of Russia as Moscow continues its offensive against Ukraine. 

The firm said that is pursuing alternate options, joining a long list of global IT and software players, including Oracle Corp and SAP SE, who have either suspended or paused all operations in Russia.

Recently IBM suspended its business in Russia, while Microsoft and Apple have stopped sales. Sony also said it had “suspended all software and hardware shipments" to Russia, as well as the operation of the PlayStation Store in the country.

Netflix has also suspended its service and halted future projects in the country. Google has suspended advertising, including on its search and YouTube products.

YouTube said it would globally block all channels associated with Russian state-funded media, including RT and Sputnik.

Meanwhile, Prime Minister Mikhail Mishustin said earlier that foreign companies should allow their businesses to continue working in Russia, even if they themselves decide to leave, to maintain jobs for Russian citizens.

"People's living standards can't depend on the caprices of foreign politicians," Mishustin said, adding that Russia had managed to withstand unprecedented Western sanctions, imposed in response to Moscow's decision to send its armed forces into Ukraine.

The speaker of Russia's upper house of parliament Valentina Matviyenko had said that Moscow has no plans to nationalise foreign companies leaving Russia.

Further, Russian President Vladimir Putin said that Moscow will be looking into alternative markets for its energy exports after Western capitals sanctioned Russia.

"We have all the resources and opportunities to quickly find alternative solutions," Putin said.

"As for Russian oil, gas and coal -- we can increase their consumption on the domestic market... and also increase the supply of energy resources to other parts of the world, where they are really needed," he added. 

Since Moscow's troops moved into its pro-Western neighbour on 24 February, Russia has faced a barrage of unprecedented sanctions, including embargoes on its energy exports.




Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout