Russian Business Owners and Scarcity in Tech Sector

The Russian-Ukraine war heightened the economic tension after the pandemic. In February 2022, Russia decided to invade Ukraine, and at that time, every country was oblivious to the impacts of this war.

This ongoing conflict has disrupted the supply and demand that has ruptured the economic situation in many countries. The effects of this war have increased inflation manifold and countries having large populations below the poverty line are suffering miserably.

As a result of this war, Russia has faced sanctions by members of the European Union and the United States. Many established companies decided to stop their operations in Russia as they wanted to stand in solidarity with Ukraine. The tech industry has much power in Russia, and many tech giants have decided to boycott Russia.

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Apple and Dell, the tech giants, have stopped their services in Russia. Moreover, Google, AWS, and IBM have decided to boycott Russia. The tech companies are rapidly moving away from Russia by suspending sales or halting their operations. Recently, Microsoft stopped its sales in Russia by saying, “We are announcing today that we will suspend all new sales of Microsoft products and services in Russia.”

Other than this, international credit card pioneers like MasterCard and Visa, including PayPal, have decided to stop their transactions in Russia.

The biggest software providers like SAP, Oracle, and Microsoft have also stopped functioning in Russia.

The halt in these services has little impact on the Russian government, but businesses face severe consequences. Moreover, due to pressure, western investors have left the country permanently, leaving business owners hapless.