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Intel Suspends Operations In Russia

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Intel (INTC), one of the world's largest semiconductor companies, has suspended its business operations in Russia effective immediately, thus becoming the latest company to exit the county due to its ongoing invasion of Ukraine.

"Intel continues to join the global community in condemning Russia's war against Ukraine and calling for a swift return to peace. Effective immediately, we have suspended all business operations in Russia," the company said.

The decision to suspend all operations comes after an earlier decision to suspend all shipments to customers in Russia and Belarus.

The company said it will support all of its employees through this "difficult situation," including 1,200 employees in Russia. The company has assured that it has implemented "business continuity measures to minimize disruption to our global operations."

"Our thoughts are with everyone who has been impacted by this war, particularly the people of Ukraine and the surrounding countries and all those around the world with family, friends and loved ones in the region," the statement added.

Intel's major competitors, AMD (AMD) and Nvidia (NVDA), had halted sales of their products in Russia early last month.

Earlier this week, the Biden administration announced broad sanctions on the Russian electronics industry, which includes many of Intel's partners and customers in Russia.

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