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More Western firms are quitting their business in Russia. Swedish telecoms company Ericsson said it is suspending its business in Russia indefinitely.

“In late February, Ericsson suspended all deliveries to customers in Russia. In the light of recent events and European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely. Ericsson is engaging with customers and partners regarding the indefinite suspension of the affected business,” the company said in a statement.

It added that its employees in Russia will be placed on paid leave.

Ericsson said it would record a 900 million Swedish krona ($95 million) provision in first quarter 2022 for impairment of assets and other exceptional costs.

French banking giant, Societe Generale, has ceased its banking and insurance activities in Russia and has announced the sale of its entire stake in Rosbank and its Russian insurance subsidiaries to Interros Capital, Rosbank’s former shareholder.

The group stated in a news release that it would exit “in an effective and orderly manner from Russia, ensuring continuity for its employees and clients.”

The transaction remains subject to approval by the relevant regulatory and anti-trust authorities, according to the news release. “The closing of this operation should occur within the coming weeks,” Societe Generale said adding that it would lead to a write-off of about 2 billion euros ($2.2 billion).

Vanguard News Nigeria

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