Leading digital comms firm trashes millions of dollars’ worth of equipment on leaving Russia

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Cisco disposed of stocks in the Russian Federation

Cisco disposed of stocks in the Russian Federation

The Kremlin-controlled news agency refers to the accounting statements of one of the Cisco legal entities in Russia – Cisco Systems – which said that certain equipment had been “physically destroyed” by the company.

Cisco Systems announced the cessation of its operations in Russia on March 2022.

The decision to destroy its equipment, spare parts, product demonstrations and even furniture was made in August 2022 due to the expiration of licenses and because the company was unable to secure permits to re-export certain equipment, TASS was claimed.

Read also: McDonald’s, Coca-Cola and the great corporate exodus. List of companies leaving Russia

The news agency said the equipment and parts had been destroyed in January 2023.

Cisco Systems also recycled some parts of various types of equipment, including vehicles, office furniture and other equipment of its Russian division.

Cisco broke most of its employment contracts in the summer of 2022. By the end of 2022, the company had only five employees left, compared to 60 a year before.

The US company announced its full withdrawal from Russia and Belarus in June 2022.

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Read the original article on The New Voice of Ukraine

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