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US telecom giant Cisco not set to wrap up projects in Russia over sanctions

August 01, 2014, 10:09 UTC+3 MOSCOW
Companies develop and will produce IP-phones, engineering technical security equipment and solutions to ensure safety of employees in the mining industry
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© EPA/MONICA M. DAVEY

MOSCOW, August 01. /ITAR-TASS/. US telecommunications giant Cisco does not plan to curtail its projects in Russia over sanctions Washington imposed on Moscow.

In the joint project Cisco and the experimental instrument-making plant with the Russian Academy of Sciences (RAS) special design bureau plan to launch development and production of equipment under a new brand. “Companies develop and will produce IP-phones, engineering technical security equipment and solutions to ensure safety of employees in the mining industry. All equipment will be produced under a unique local brand and the rights for its produce will be handed over to the experimental instrument-making plant after signing of the specific contract,” Cisco director for business development in Russia and CIS states Lev Levin told Kommersant daily.

The amount of investments in Cisco is not disclosed, but the company noted that the project was being implemented within long-term agreements on investments in Russia reached back in 2010. Then fixed liabilities worth one billion dollars were envisaged in the project.

Meanwhile, Cisco faced problems in concluding contracts with Russian Defense Ministry and other law enforcement agencies due to US sanctions. Notably, a financial report of the company for the third quarter of the financial year of 2014 show lower supplies to Russia by 29%

“If production of this equipment is really localised in our country, intellectual property rights will be transferred to the experimental instrument-making plant with the RAS special design bureau equipment can be considered to be manufactured in the homeland. It meets those criteria which we set,” executive secretary of a commission of Russia’s State Duma parliament lower house committee for science and science-intensive technologies Andrei Chernogorov.

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