PARIS, April 27. /TASS/. French energy giant Schneider Electric intends to sell its Russian operations to a local investor, the company said in its quarterly report published on Wednesday.

"After careful review of its set up and options, Schneider Electric is today announcing it has signed a Letter of Intent to sell its Schneider Electric Russia operations to the local leadership team. This agreement will be subject to the approval of local authorities," the press release reads. "The company expects to write-off up to 300 million euros of its net book value and to make a non-cash reversal of the currency conversion reserve associated with these activities currently estimated at 120 million euros."

On February 24, 2022, Schneider Electric put on hold new investments in Russia and Belarus, and suspended new projects in the two countries, the press release reads. Schneider Electric said it expected an orderly transfer and promised to allocate resources to support its 3,500 employees in Russia and Belarus. The company said it generated about 2% of its sales from Russia.

Schneider Electric has five plants in Russia with offices in more than 30 Russian cities, the company says on its website.