Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Foreign IT firms lose $10Bln after leaving Russian market: Ministry

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Dec 2022 15:37
  • 1 Shares
2 Min Read

Russia's Digital Development Ministry reveals that in the wake of the war in Ukraine, Foreign IT firms that have left the Russian market have lost $10 billion.

  • x
  • Foreign IT firms lose $10Bln after leaving Russian market. Source: Maksim Blinov/ Sputnik.
    Foreign IT firms lose $10Bln after leaving Russian market. Source: Maksim Blinov/ Sputnik.

Russian Digital Development Minister Maksut Shadayev revealed on Tuesday that losses of multinational IT companies who fled the Russian market after the initiation of the war in Ukraine totaled 650 to 700 billion rubles (about $10 billion).
 
"Foreign companies left on their own, losing a significant part of their revenue. According to our estimates, the losses of international IT companies that ceased their activities in the country amounted to 650-700 billion rubles in 2022 alone," the minister said. 

After the western wave of sanctions hit #Russia, how are the companies that suspended their businesses in Russia doing? And did it "pay" to exit Russia?#UkraineRussiaWar pic.twitter.com/QIXUJRuew3

— Al Mayadeen English (@MayadeenEnglish) April 28, 2022

Shadayev added that they would engage in competition with nations that are willing to work with them and complete joint projects. According to him, the nations are relatively numerous, moreover, there is currently a significant demand for Russian technologies from nations in Latin America, the Middle East, and Asia for collaborative projects.
 
Major Western suppliers have largely abandoned the Russian market. Cisco, SAP, Oracle, IBM, Nokia, and Ericsson are among the producers of software and hardware for telecommunications that have withdrawn from the Russian market. In March, major IT companies Samsung and Apple also stopped shipping their goods to Russia. 

Related News

Orban threatens to veto Russia sanctions over gas transit: Bloomberg

US to ban Russian cybersecurity software over 'national security'

Read next: Western banks reserve $10bln for expected losses after leaving Russia

Earlier this week, the ECB raised its benchmark interest rate by 50 basis points as widely expected, but dashed hopes that such hikes were heading downhill, warning instead of further increases in the months ahead.

A senior member of Italian Prime Minister Giorgia Meloni's Brothers of Italy party, Guido Crosetto, told Reuters that the threat of further tightening was driving up borrowing costs and harming an already weak economy.

"We are creating a situation from an economic and social point of view that is Russia's best ally right now," he said. "That is why it is even more absurd what (ECB President Christine) Lagarde did," he added.

Crosetto believes that Russia was hoping to "take advantage" of the continent's economic crisis and put pressure on Europe to stop supporting Ukraine in an effort to end the war and ease the energy crisis triggered by the Western sanctions on Russia.

  • Russian sanctions
  • US sanctions on Russia
  • Russia

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS