Cisco destroys 1.9 bln rbl spare parts in Russia as sales halted

MOSCOW, Apr 5 (PRIME) -- U.S. network equipment and software maker Cisco Systems physically destroyed its stock, including spare parts for equipment, in Russia for 1.864 billion rubles in January as its sales are halted, according to an accounting statement of its local firm released on Wednesday.

According to the decision as of August 9, 2022 “due to the termination of sales and services and the suspension of licenses and services of Cisco and the inability of re-exporting, all reserves, IT equipment, demonstration samples, and plant assets of the company are to be destroyed.”

The company dissolved the majority of labor contracts with its employees upon agreement of the parties in July–August 2022. The total amount of payments to the personnel and compulsory contributions to the non-budget funds amounted to 190.64 million rubles.

Cisco said in June 2022 that it started pulling out gradually from the markets of Russia and Belarus.

(79.3563 rubles – U.S. $1)

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