Due to the war and terror Russia is perpetrating against Ukraine, global companies stop their activities in Russia one by one. Part of the problem is not only in politics but also in the fact that, due to sanctions, Russia is no longer a relevant market.
World famous lifting equipment manufacturer Otis sells 100% of its assets in Russia and withdraws from the market. This was officially announced by the company's representative office in the territory of the aggressor country. At the same time, Otis representatives added that they would continue to support Ukraine.
"After carefully examining the global impact and the aftermath of the crisis and humanitarian tragedy in Eastern Europe, taking into account supply chain disruptions and new, tougher regulations, we have concluded that Otis’ ownership of our business in Russia is no longer sustainable," Otis said in a statement.
According to company representatives, the sale will be closed shortly.