Samsung Elec Says Shipments To Russia Are On Hold, Donating $6 Million In Aid

Samsung sign at a store in Manhattan, New York, USA, November 22, 2021. REUTERS/Andrew Kelly

SEOUL, Mar 5 – Samsung Electronics (005930.KS) said on Saturday that shipments to Russia have been suspended “due to current geopolitical events.”

“We continue to actively monitor this complex situation to determine our next steps,” the company said in a statement.

According to data provider Counterpoint, Samsung Electronics ranks first in mobile phone production in Russia with a market share of 30% as of Q4 2021, ahead of Xiaomi with 23% and Apple (AAPL.O) with 13% respectively.

Smartphone rival brands such as Apple (AAPL.O), Nike and IKEA have halted sales, distanced themselves or suspended business in Russia as the country came under sanctions and international criticism for its invasion of Ukraine. An additional factor is changes in shipping routes. More

Chinese firms, which accounted for 44% of Russia’s mobile phone market in 2021 according to Counterpoint, have so far largely remained silent on their activities in Russia as Beijing has refrained from criticizing Moscow for invading Ukraine. More

Samsung is also donating $6 million, including $1 million for consumer electronics, as well as voluntary donations from employees, to actively support humanitarian efforts “across the region,” including helping refugees, it said.

Reporting by Joyce Lee. Editing by Chris Reese and David Gregorio.

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