Foreign IT Companies Lost Around $10Bln Due to Leaving Russian Market: Digital Ministry
A general view shows the Soviet era skyscraper on Kotelnicheskaya Embankment of the Moskva river, Foreign ministry headquarters, Radisson Royal Hotel Moscow, the Christ the Savior cathedral and the Kremlin, with the Moscow International Business Centre, also known as “Moskva-City”, seen in te background, in Moscow, Russia
MOSCOW (Sputnik) – Losses of foreign IT companies that left the Russian market after the start of a special military operation amounted to 650 to 700 billion rubles (around $10 billion), Russian Digital Development Minister Maksut Shadayev said on Tuesday. “Foreign companies left on their own, losing a significant part of their revenue. According to our estimates, the losses of international IT companies that ceased their activities in the country amounted to 650-700 billion rubles in 2022 alone,” the minister said. “So, we will compete with those countries that are ready to cooperate with us and do joint projects. There are quite a lot of such countries. We are now seeing a large demand for Russian technologies, for joint projects from the countries of Latin America, the Middle East, Asia,” Shadayev added. After Russia launched the special military operation in Ukraine on February 24, the domestic IT industry faced a number of challenges. Most of the major Western vendors have left the Russian market. Among the manufacturers of telecommunications equipment and software that left the Russian market were Cisco, SAP, Oracle, IBM, Nokia and Ericsson. Major technology manufacturers Samsung and Apple also suspended deliveries of their products to Russia in March.
