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Sweden’s SKF to leave Russia

It is impossible for the company to continue its operations in Russia, as the basis and stability for the business does not exist, SKF CEO Rickard Gustafson specified

STOCKHOLM, April 22. /TASS/. SKF, the world’s largest producers of bearings based in Sweden, will leave Russia, the company said in its press release.

"SKF today announces that it has decided to cease all business and operations in Russia. The intention is to divest the business in a controlled manner with the clear ambition of ensuring a future for SKF’s employees in Russia," the company said.

"We have concluded that it is impossible for us to continue our operations in Russia, as the basis and stability for our business does not exist," SKF CEO Rickard Gustafson said in a comment.

"We have now decided to cease all SKF’s operations, engagement, and investment in Russia. Our intention is to divest our Russian operations, with the aim to secure a future for our colleagues," the top manager noted.

SKF will recognize a write-down linked to the exit totaling about 500 Swedish krona ($52.6 mln) in connection with the exit, the company said. "Sales in Russia accounted for approximately 2% of the Group’s total turnover in 2021," SKF added.

The company announced the suspension of supplies to Russian buyers in early March.