The manufacturer of household appliances will not be able to continue cooperation with the Russian Federation in the medium and long term due to the continuation of the war and sanctions.
The Swedish manufacturer of household and professional appliances Electrolux Professional is selling its business in Russia to the local management and leaving the country, the costs will be SEK 35 million ($3.31 million), the company said.
According to President and Chief Executive Officer Alberto Zanata, Electrolux complies with all sanctions and export controls to Russia. As a result of the ongoing war and sanctions restrictions, the company will not be able to continue operations in the medium to long term.
‘Therefore, we have come to the conclusion that the controlled transfer of the group’s subsidiary company in Russia to the local management is the best way to ensure further compliance with sanctions and to establish relations with our colleagues in Russia in a responsible manner,’ – he added.
The Russian company has 25 employees, and in 2021 sales in the country accounted for approximately 1% of the group’s sales.
