An increasing number of Western corporations are ceasing their operations in Russia.
Semiconductor giant Intel has announced that it is set to cease its operations in Russia. This latest development comes as more Western tech firms exit the Russian market.
Western governments have placed numerous sanctions on Russia since the country invaded its neighbouring Ukraine. The sanctions have also seen several corporations exit the Russian markets over the past two months.
Following the invasion, western tech firms, oil giants, fast food chains, and some financial institutions have all pulled out of Russia.
Intel has become the latest tech firm to join this movement. This latest development comes a month after Intel suspended shipments to customers in Russia and Belarus. The company now added that it had implemented business continuity measures to minimise disruption to its global operations. Intel said;
"Intel continues to join the global community in condemning Russia's war against Ukraine and calling for a swift return to peace."
Intel remains one of the leading semiconductor manufacturers globally, and its chips are used in computers, electric vehicles, smart phones and other smart gadgets.
International Business Machines Corp (IBM) made a similar move after suspending its shipments to Russia. The Ukrainian government has urged United States-based cloud computing and software companies to end their operations in Russia.
The Russian government has relied on servers from IBM, Dell Technologies Inc. and Hewlett Packard Enterprise Co (HPE) over the past decades to power some of their operations.
The sanctions imposed by Western governments and the exit of these tech giants are expected to limit the resources available to Russia and bring a swift end to the war in Ukraine.
Oil companies such as Shell, ExxonMobile and BP have also ceased their operations in Russia. Some of these companies have operations in Russia worth tens of billions of dollars.
